Revolut CEO dismisses London IPO
Nikolay Storonsky, CEO of fintech giant Revolut, recently stated that the idea of listing the company on the London Stock Exchange is not rational compared to the US market. He highlighted high costs and low liquidity as key drawbacks for companies considering an initial public offering in London.
In comments made during the 20VC podcast, Storonsky criticized the UK’s 0.5% stamp duty on share transactions, emphasizing that the UK is less liquid and more expensive compared to the US market.
London Stock Exchange struggles with company exodus
The London Stock Exchange has faced a significant exodus of companies in recent years, with 88 firms delisting or moving their primary listings from London’s main market in 2024, the largest outflow since the financial crisis. Despite ongoing reforms to enhance London’s appeal, US exchanges continue to attract British firms with deeper capital pools and greater investor interest.
Revolut’s future plans
Revolut, recently valued at $45 billion, obtained a provisional UK banking licence in June after a three-year wait. Storonsky suggested that if he were to start Revolut today, he would choose the US as its base. Meanwhile, the neobank is expanding its footprint in digital assets, with its crypto-focused trading platform, Revolut X, now available in 30 European markets after launching in the UK earlier this year.
Source : www.dlnews.com