Flutter Entertainment readies to move primary listing to NY

Flutter Entertainment is proposing to move its primary listing to the New York Stock Exchange (NYSE) after marking a historic moment for the company on Monday as its shares began trading in New York.

The company’s shares opened for trading at $212.00 per share on the NYSE under the FLUT ticker symbol following the cancellation of its secondary listing on Euronext Dublin earlier in the month.

Flutter retains its premium listing on the London Stock Exchange (LSE), although the company’s Board believes that the NYSE is now the “optimal location” for Flutter's primary listing, and that the transition should be made as soon as practicable.

This proposal will be put to shareholders as a Special Resolution at the 2024 annual general meeting of the company on 1 May.

Subject to shareholder approval, the transition is expected to become effective in late Q2 or early Q3.

Following the move, the Board intends to retain Flutter's London listing as a secondary listing, and believes that “this will ensure the greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation.”

“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,” said Flutter CEO Peter Jackson. “We believe a US primary listing is the natural home for Flutter given Fanduel's #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”

Jackson rang the NYSE Opening Bell yesterday alongside NFL legend Rob Gronkowski, FDTV anchor Kay Adams, as well as the real-life Paddy Power.

Shares in Flutter Entertainment plc (NYSE:FLUT) closed 3.00 per cent lower at $205.50 per share in New York Monday, with over 444,000 shares traded during the day. In London Tuesday morning, shares in Flutter Entertainment plc (LSE:FLTR) were trading 0.92 per cent lower at 16,175.00 pence per share.