Marex Group, a global commodities broker, has announced plans to file for an initial public offering (IPO) in New York, signaling a shift away from London where the firm had previously considered listing. The move comes amid broader discussions about the health of London's capital markets and follows other UK companies seeking listings on US exchanges.
The JRJ-backed Marex is eyeing a valuation between $2.2 billion and $2.8 billion for its IPO. The company decided to postpone its London listing in 2021 due to market volatility but has now chosen New York for its floatation. Marex is currently awaiting the review process by the US Securities and Exchange Commission (SEC) before determining the offering size and price range.
Earlier this year, Marex reported robust financial results, with an adjusted pre-tax operating profit of $121.7 million and net revenue of $701 million. These figures reflect the firm's successful acquisition of ED&F Man Capital Markets last year, which expanded Marex's operations into fixed income and equities. Additionally, the acquisition increased client funds to $12 billion, further strengthening Marex's position for an IPO.
The decision to list in New York follows a trend among UK firms such as CRH (NYSE:CRH) and Flutter Entertainment, which have also opted for US exchanges over London. Despite efforts by the UK government to make stock market listings more attractive post-Brexit by easing regulations, recent reports from lawmakers suggest that these measures have not yet significantly improved the competitiveness of the UK's financial sector.
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