Flutter, a leading gaming and entertainment company, has taken a significant step in expanding its presence in the global market by commencing the trading of its ordinary shares on the New York Stock Exchange (NYSE). The move aims to make Flutter more accessible to US-based investors and deepen its engagement in the thriving US market.
Trading Details:
Flutter’s ordinary shares will be live on the NYSE starting at 09:30 Eastern Time (ET), equivalent to 14:30 in London. The shares will be traded under the ticker symbol ‘FLUT’ on the NYSE and ‘FLTR’ on the London Stock Exchange (LSE). This dual listing strategy reflects Flutter’s commitment to both the US and London markets.
CEO’s Perspective:
Flutter’s CEO, Peter Jackson, emphasized the significance of the NYSE listing, considering it a pivotal moment for the company. Jackson highlighted that the move would make Flutter more accessible to US investors and provide access to deeper capital markets. With FanDuel’s prominent position in the US, Flutter anticipates a substantial contribution to profits from the US market in the near future.
Cancellation of Secondary Listing on Euronext Dublin:
Concurrent with the NYSE listing, Flutter announced the cancellation of its secondary listing of ordinary shares on Euronext Dublin. This decision is aligned with the company’s strategic focus on the NYSE and LSE listings.
Proposed Primary Listing Shift to NYSE:
Flutter’s board has proposed a significant shift in its primary listing from the LSE to the NYSE. The motivation behind this proposal is to enhance the company’s presence in the US market, gaining access to domestic investors, elevating its profile, and facilitating the recruitment of North American talent.
Shareholder Approval and Timeline:
The proposed primary listing shift to the NYSE will be presented to shareholders on May 1, 2024, as a Special Resolution. If approved, the listing could go live in late Q2 or early Q3. While Flutter would not completely exit the UK share market, London would continue to serve as its secondary listing.
Strategic Rationale:
The strategic rationale behind Flutter’s move lies in the company’s desire to capitalize on FanDuel’s leading position in the US market. By aligning with the NYSE, Flutter aims to strengthen its foothold in the US, tapping into a market expected to be a major contributor to the company’s profits.
US Expansion and Talent Recruitment:
The shift to the NYSE is seen as a strategic move to expand Flutter’s presence in the US, attracting local investors and bolstering the company’s profile. Additionally, this move is expected to facilitate the recruitment of North American talent, further positioning Flutter as a key player in the region.
Potential Impact on Capital Markets:
Flutter’s listing on the NYSE is anticipated to have a positive impact on the company’s access to capital markets. Deeper engagement with US investors could result in increased liquidity and a broader investor base, providing Flutter with additional avenues for growth and development.
Flutter’s decision to commence trading on the NYSE and consider a primary listing shift marks a significant chapter in the company’s global strategy. The move underscores the importance of the US market in Flutter’s growth trajectory and sets the stage for increased investor accessibility and capital market engagement. As shareholders weigh in on the proposed shift, the gaming giant looks poised to navigate the evolving landscape of the global gaming and entertainment industry.