London-based commodities broker Marex has filed for an IPO in New York in a huge blow to the City ...Marex confirmed today it has submitted a filing to the US SEC for an IPO next year, meaning one of London’s top private financial services firms will opt to list its shares across the Atlantic.
“The size and price range for the proposed offering have not yet been determined,” the firm said today.
“The initial public offering is expected to commence after the completion of the SEC review process, subject to market and other conditions.”
Marex’s IPO had been hotly contested after it was forced to shelve its float in London in 2021 due to volatility in the markets.
As a London-headquartered firm, the decision to float across the Atlantic will strike a huge blow to the Square Mile and regulators amid a drop-off in listings this year. The London Stock Exchange and City grandees have been hit by a steady stream of firms heading towards New York, including the chipmaker Arm earlier this year.
Companies have taken aim at a lack of liquidity in the Capital and lacklustre valuations. The reported $2.2bn target price tag in New York will raise fresh questions over the health of London’s capital markets, despite London Stock Exchange Group chief David Schwimmer saying the valuation gap was a “myth” last month.
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