Flutter, the finance company, has started trading its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol FLUT. This move marks the end of its secondary listing on Euronext Dublin. The company will continue to trade on the London Stock Exchange (LSE) with the ticker symbol FLTR and retain its premium listing there. Flutter’s CEO, Peter Jackson, sees this NYSE listing as a significant milestone, making the company more accessible to US investors and providing access to deeper capital markets.
With Flutter’s success in the US, particularly through its subsidiary FanDuel, the company is considering a primary listing in New York. This move is expected to bring long-term strategic and capital market benefits, including a stronger presence in the US, better recruitment and retention of talent, access to deeper capital markets, and new domestic investors. Additionally, a primary NYSE listing would enhance overall liquidity in Flutter’s shares.
This proposal for a primary NYSE listing will be presented to shareholders at Flutter’s AGM in May 2024. If approved, the transition is anticipated to take place in late Q2 or early Q3. Despite the potential primary listing in the US, Flutter intends to maintain its listing on the LSE as a secondary listing to ensure a wide range of investors can continue to hold its shares and benefit from future value creation.
Flutter’s 2023 trading update highlighted its strong growth in the US. In that financial year, the company achieved a 25% increase in group revenue to £9.51bn, driven by a 38% rise in US revenue to £3.06bn. The US accounted for the largest proportion of Flutter’s profits, with the company’s sports and gaming operations experiencing significant growth. Flutter CEO Peter Jackson outlined a three-year strategy for success in the US, focusing on the performance of FanDuel.
