Britain's Marex Group files for US IPO
Reuters
Published Dec 08, 2023 09:23
(Reuters) - Marex Group, a British commodities broker, announced plans on Friday to list its shares in New York, the latest blow to London's bid to attract companies to its stock exchange.
Marex, backed by private equity firm JRJ, said it had confidentially filed a draft registration statement with the U.S. markets regulator with a view to launching an IPO.
The news comes two years after the company's failed attempt to list in London.
London has seen a string of high-profile defections this year by domestic or locally listed companies to New York in search of deeper liquidity and higher valuations, including building materials company CRH (LON:CRH) and sports betting group Flutter Entertainment.
Cambridge-based chipmaker Arm Holdings (NASDAQ:ARM) notably chose the U.S. Nasdaq over listing at home for its stock market debut in September.
Marex, one of the world's largest privately owned commodities brokers, more than doubled its first-half pre-tax profits after buying a rival last year and as interest rates climbed, the company reported in August.
Last year, Marex agreed to buy ED&F Man Capital Markets to boost its metals business and expand in fixed income and equities. A source close to the situation said at the time the deal was worth $220 million.
Britain's promises to boost the financial sector's post-Brexit global competitiveness through changes such as easing stock market listing rules have so far been a damp squib, with many of the changes yet to be implemented and none so far having a substantial impact, lawmakers said in a report on Friday.
(Rerporting by Pablo Mayo Cerqueiro; Editing by Elisa Martinuzzi and Elaine Hardcastle)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.