Revolut weighs dual listing in New York and London for its IPO
Revolut founder and CEO Nik Storonsky has confirmed the fintech is considering a dual listing on the London Stock Exchange and Nasdaq, while making clear the US remains his preferred venue. No IPO date has been set yet.
Revolut, Britain's most valuable private company, has offered fresh clarity on its plans for a stock market debut. Founder and CEO Nik Storonsky told French newspaper Les Echos on Thursday that the fintech group is weighing a dual listing across the London Stock Exchange and Nasdaq, confirming earlier media reports. A Revolut spokesperson later confirmed the same to Euronews.
Storonsky was candid about favouring the US market, pointing to its scale and the breadth of institutional investors, hedge funds, fund managers and individual investors it attracts. He framed the choice as one between a small market with few buyers and a giant market where many buyers would compete fiercely for the company's shares.
A shift in tone
The remarks mark a softening from Storonsky's 2024 position, when he argued the London Stock Exchange simply could not compete with American venues, citing thin liquidity and the UK's 0.5% stamp duty on share purchases, and appeared to rule out a domestic listing altogether. London has endured a prolonged drought of new listings, with companies either staying private or shifting west — payments group Wise moved its primary listing to New York this year, while AstraZeneca has expanded its US presence.
A Revolut listing near its current valuation would make it one of Britain's largest listed companies, potentially exceeding Barclays or NatWest in value. A secondary share sale in July valued the business at roughly $115 billion (€100bn), up sharply from $75 billion (€65bn) in November.
No IPO date yet
Asked by Euronews about internal timeline discussions, the Revolut spokesperson declined to comment but pointed to an April interview with Bloomberg in which Storonsky said the listing could come in about two years, depending on market conditions. The company has spent this year building the regulatory groundwork such a listing would require: it secured a full UK banking licence in March, a French licence in August, conditional approval for a US national bank charter this month, and announced on Wednesday it had applied for a Swiss licence alongside plans to invest more than 150 million Swiss francs (€158m) there. Revolut has not said which exchange would host the primary listing, whether both would launch simultaneously, or when formal preparations would begin.
