Revolut's founder and CEO, Nik Storonsky, announced in an interview that the company is seeking a dual listing on the London Stock Exchange and Nasdaq for its initial public offering. This news clearly indicates the company's desire to enter larger and more competitive markets.
Preference for the American Market
Storonsky emphasized in this interview that he considers the American market as his first choice, citing the larger market and the presence of institutional investors, hedge funds, and investment managers as reasons for this selection. He said: "We have to choose between selling in a small market with limited buyers or a large market with a multitude of buyers who will compete for our shares."
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Challenges of the London Stock Exchange
In 2024, Storonsky pointed to the lack of liquidity in the London Stock Exchange and the 0.5% tax on stock purchases, suggesting that he generally dismissed the possibility of a home listing. The London Stock Exchange has faced many difficulties in recent years, and many companies have moved towards Western markets. For example, the payment group Wise moved its main listing to New York this year.
If Revolut goes public at a valuation close to its current value, it could become one of the largest publicly listed companies in Britain, potentially larger than Barclays or NatWest. An initial public offering in July valued the company at around $115 billion (€100 billion).
IPO Timing Status
When asked about the timing of the initial public offering, a spokesperson for Revolut declined to comment but referenced a previous interview with Storonsky, who stated: "In the next two years, but it depends on market conditions." The company has been preparing the necessary infrastructure for the listing this year and received full banking authorization from the UK in March. It also received a license from France in August and conditional approval for a national banking charter in the United States this month.
Revolut recently announced that it has applied for a license in Switzerland and plans to invest over 150 million Swiss francs (€158 million) there. It is still unclear which exchange will host the main listing or whether both will occur simultaneously.
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