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Potential Landmark Deal
Revolut, the London-based fintech with more than 65 million global users, is weighing a potential dual listing in London and New York that could value the company at $75 billion. If it proceeds, it would be the first firm to debut simultaneously in New York while securing entry into the FTSE 100, instantly ranking among London’s 15 most valuable companies.
The move comes as the London Stock Exchange faces a prolonged drought in new listings, with global economic uncertainty and investor caution dampening activity. A Revolut IPO of this size would be a rare boost, offering the City fresh momentum at a time when policymakers are under pressure to revive its capital markets.
Investor Takeaway
A $75 billion Revolut dual listing would be a test of London’s appeal for global tech listings. Success could reassure investors that the City remains relevant despite competition from New York.
Storonsky’s Shift on London
Founder and chief executive Nik Storonsky has long been critical of London’s attractiveness for IPOs, citing the 0.5% stamp duty on share trades as a drag on demand. But regulatory reforms appear to have softened his stance. Large-cap listings can now be fast-tracked into the FTSE 100 within five days, making it easier for index-tracking funds to allocate capital immediately.
Storonsky recently hinted at more flexibility, saying he would consider London “if it offered a better product.” At the opening of Revolut’s new Canary Wharf headquarters last week, he described Britain as “our home country,” signaling a closer alignment with UK policymakers keen to bring the firm to market.
The UK government has also stepped up efforts. Chancellor Rachel Reeves pledged to make Britain “the best place to do business,” while a transatlantic task force set up during President Trump’s visit this month is examining ways to streamline dual listings. Revolut reinforced its domestic focus with a £3 billion investment in the UK and the creation of 1,000 jobs.
Balancing Priorities Before an IPO
Despite speculation, Revolut is not expected to rush. The firm’s shares are already changing hands in secondary sales at a $75 billion valuation, giving insiders liquidity. Analysts say management may prefer to strengthen its operations before going public.
Central to those preparations is the rollout of Revolut’s long-awaited UK bank. The company secured approval from the Bank of England last year but remains in testing. Storonsky has called the launch his number one priority, linking it directly to his ambition of reaching 100 million global customers. Only once the bank is operational is Revolut likely to turn fully to IPO planning.
Under City rules, a dual listing would require a full IPO in both London and New York rather than a secondary structure, increasing complexity but also underlining its scale. The process would place Revolut in the company of firms like Coinbase and Adyen, which have defined new standards for fintech listings on global exchanges.
Investor Takeaway
Revolut’s IPO is likely to hinge on the successful launch of its UK bank. Investors will be watching for execution on that front before the company tests public markets.
For London, securing Revolut would be more than symbolic. It would show that the City can still attract high-growth tech-driven companies, bolstering its case against concerns of listings shifting to the U.S. For Storonsky, a dual listing would anchor his global ambitions in two of the world’s leading financial centers, reshaping competition in the fintech sector.
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