Gambling group Flutter to propose moving primary listing to New York

Bengaluru — Dublin-based online betting company Flutter said on Monday it will propose moving the primary listing of its shares from London to New York at its AGM in May.

Subject to shareholders’ approval, the transition to a US primary listing is expected to become effective late in the second quarter or early in the third, Flutter said, adding it will then retain the London listing as secondary.

Flutter Entertainment’s New York Stock Exchange (NYSE)-listed shares debuted on Monday, trading up 1.2% to $207.47 a share, while its secondary Dublin listing has been cancelled.

The move would deal a blow to the London Stock Exchange. An increasing number of companies are moving away from European listings in favour of US markets, where valuations can be higher.

In recent months, big Dublin-based companies have left or announced plans to leave the Irish Stock Exchange for US markets, including building materials company CRH and paper packaging company Smurfit Kappa.

Swiss building materials giant Holcim said on Sunday it will spin off 100% of its North American operations in a New York flotation which could value the business at $30bn.

"We believe a US primary listing is the natural home for Flutter given Fanduel’s [top] position in the US, a market which we expect to contribute the largest proportion of profits in the near future," CEO Peter Jackson said in a statement.

Britain has also struggled to attract IPOs and retain listed companies, fuelling concern London has lost its appeal, in part because of Brexit. Miner BHP is among companies to have shifted its primary from the London bourse.

Providing a slight boost, Kazakhstan’s Air Astana on Monday set the price range for joint stock exchange listings in London  and Astana, aiming for a market valuation of between $770m and $962m.

Reuters