Revolut has reportedly explored a potential initial public offering that could see it listed in both London and New York, with a valuation near USD 75 billion. If completed, it would mark one of the largest listings on the London Stock Exchange and place the company within the UK’s top 15 publicly traded firms. According to Yahoo Finance, industry sources told The Sunday Times that discussions about a dual listing are becoming more common across financial circles. The move would make Revolut the first firm to join the FTSE 100 index while simultaneously listing in the United States.
Regulatory changes and market conditions
Recent changes to UK listing rules appear to have made London a more attractive option. Companies of Revolut’s size can now enter the FTSE 100 within five days, which simplifies index fund participation in newly listed stocks. Revolut officials, who had previously pointed to challenges in London’s environment, such as the 0.5% stamp duty on share trades, have more recently acknowledged that the UK remains its home market.
The company now serves around 65 million customers worldwide, with approximately 12 million based in the UK. Since its launch as a travel-focused card, Revolut has expanded its services to include cryptocurrency trading, hotel bookings, and business accounts.
UK government officials have also sought to encourage high-profile listings. During the opening of Revolut’s new Canary Wharf offices, political leaders described Britain as a competitive place to do business. Meetings between Revolut’s leadership and representatives from both the UK and US governments have highlighted growing interest in cross-border listings.
Wider momentum in crypto IPOs
Revolut’s plans come as other firms in the digital asset sector push ahead with their own listings. BitGo, a crypto custodian, recently filed for an IPO in the United States. Earlier this year, Circle and eToro both went public, while Figure Technology Solutions raised nearly USD 800 million in a New York listing. Gemini has also submitted confidential paperwork for a potential US debut, and Galaxy Digital moved its listing from Toronto to Nasdaq.
