Flutter Entertainment has officially begun trading on the New York Stock Exchange.
With trading commencing on January 29 at 9:30am ET under the ticker symbol “FLUT”, the parent company of FanDuel, TVG and PokerStars has also further backed its February 2023 proposal of moving its primary listing to the NYSE, as it believes it is the “optimal location” and will “unlock long-term strategic and capital market benefits”.
Flutter believes the NYSE listing will enhance its US profile, enable better US talent recruitment and retention, help gain access to deeper capital markets and US domestic investors and provide greater overall shares liquidity. It comes alongside the option of pursuing a primary listing in the US, which it states is a “criteria for access to important US indices”.
Peter Jackson, Chief Executive at Flutter, commented: “With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets.
“We believe a US primary listing is the natural home for Flutter given Fanduel’s number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”
By listing on the NYSE, Flutter has also confirmed the cancellation of the secondary listing of the company’s ordinary shares on Euronext Dublin, effective as of 8am GMT on January 29.
Flutter has retained its premium listing on the London Stock Exchange, with its ordinary shares continuing to trade on the Main Market of the LSE under its existing ticker symbol: “FLTR”.
Concerning the pursuit of moving its primary listing to the US, Flutter noted it has been engaging widely with existing and potential US investors, alongside existing shareholders globally, about the move since February 2023, with feedback being “very supportive”.
As a result, the group’s board believes the NYSE is the “optimal location” for the primary listing of its shares and that the transition should be made as soon as practicable.
Flutter added that the proposal will be put to shareholders as a Special Resolution at the 2024 AGM on May 1, 2024, and that subject to shareholder approval, the transition is expected to become effective in late Q2/early Q3.
Following the transition, Flutter intends to retain its UK listing as a secondary listing to “ensure the greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation”.
The group will also communicate further details about the primary listing transition in due course ahead of the AGM.
