LONDON - Marex Group, a global commodities broker, has confidentially filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the New York Stock Exchange (NYSE), pivoting from its original plans to list in London. The move comes after the company faced challenging conditions that derailed its plans for a London flotation.
The firm is now aiming for a valuation exceeding $1.8 billion on the NYSE, which is significantly higher than the £500 million to £700 million range it had targeted for its London listing. This strategic shift underscores a broader trend where British and European companies are increasingly drawn to U.S. exchanges or alternative European markets due to more favorable conditions and potentially higher valuations.
The UK has been revising its listing rules in an effort to retain domestic businesses within its capital markets. However, this has not prevented companies such as CRH (NYSE: CRH ) Plc and ARM Holdings (LON: ARM ) Plc from seeking listings in the U.S., nor has it dissuaded TUI (LON: TUIT ) AG from considering Frankfurt as its main listing venue.
These moves highlight the growing competition among global financial centers and raise questions about the attractiveness of UK markets, even as they adapt to a post-Brexit environment. The decision by Marex Group to file confidentially on Friday for an NYSE IPO reflects these shifting dynamics as companies seek out the most advantageous platforms for their public offerings.
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