UK's Marex to float on Wall Street
By Abigail Townsend
Date: Friday 08 Dec 2023
(Sharecast News) - Marex Group is to list in New York, the commodities broker confirmed on Friday, two years after it pulled out of a planned debut on the London market.
The British firm, which also provides clearing services, said it had submitted a draft registration statement to the US Securities and Exchange Commission relating to a proposed initial public offering.
It added that the size and price range had yet to be determined.
However, the Financial Times reported that the targeted valuation is understood to be between $2.2bn and $2.8bn, citing unnamed sources with knowledge of the discussions. In August, Marex posted interim pre-tax profits of $120.2m on revenues of $1.2bn.
Marex last looked to float in 2021 and at that point opted to list on the London Stock Exchange. Marex pulled the IPO, however, citing poor market conditions.
The decision to revisit its plans but on Wall Street will be seen as a blow to the London market, which is struggling to attract listings amid low trading volumes.
Cambridge-based chipmaker Arm Holdings chose Nasdaq for its market debut in September, while Paddy Power owner Flutter Entertainment has also confirmed plans to list in New York next month.
Flutter said that while it would keep its premium listing in London, it did not rule pursuing a primary listing in the US "in due course".
And earlier this week German tour operator Tui said it might quit the London market in favour of Frankfurt.
Marex, which specialises in trades and derivative hedges for major commodity producers and consumers, is majority owned by private equity firm JRJ. It currently employs around 1,800 people.
The firm said the IPO was set to commence, subject to market conditions, once the SEC review process was completed.
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