Flutter Entertainment (OTC: PDYPY) told investors it’s eyeing Monday, Jan. 29 for its debut on the New York Stock Exchange (NYSE).
That proclamation follows a 20-F filing with the Securities and Exchange Commission (SEC). It’s expected that the FanDuel parent will swop inward the US below the ticker “FLUT.” In alignment with the New York listing, Flutter buy in will be delisted from Euronext Dublin, the exchange inward the gaming company’s home city. That testament outcome inwards the stock beingness removed from the EUROSTOXX Index.
As antecedently communicated, Flutter believes that it is appropriate to defend just now two listings to minimise regulatory complexities and has notified Euronext Dublin of its intention to scratch its secondary listing on Euronext Dublin with set up from 8.00 am (GMT) on Monday, 29 January 2024,” according to a statement. “The endure solar day of trading of Flutter’s ordinary bicycle shares on Euronext Dublin will be Tuesday 23 January 2024, with trading suspended from closelipped of business on that twenty-four hours to appropriate for the settlement of pending trades and repositioning instructions, in advance of effectiveness of the US listing.”
Flutter owns 95% of FanDuel with the other 5% beingness controlled by Boyd Gaming (NYSE: BYD).
Assessing Flutter US Index Possibilities
Flutter told investors that it testament defend its listing on the capital of the United Kingdom Stock Exchange (LSE) and so keep back membership inward the FTSE 100 Index — a widely followed standard of measurement of UK-listed equities.
With a market capitalisation of $28.59 one million million as of today’s close, Flutter would live the second-largest gaming buy in in the US if it listed in New York today, trailing only if Las Vegas Sands (NYSE: LVS). By that metric, the FanDuel parent is to a greater extent than threefold the sizing of MGM Resorts International (NYSE: MGM) and to a greater extent than three-bagger the size of Wynn Resorts (NASDAQ: WYNN).
However, because Flutter remains based inwards Dublin, its US-listed shares testament not live eligible for comprehension inwards the S&P 500 or any other index maintained past S&P Dow Jones. That could demarcation the list of benchmarks, index finances and interchange traded pecuniary resource (ETFs) that purchase Flutter shares.
Had the gaming company opted for a Nasdaq listing over NYSE, it would experience been eligible for comprehension in the Nasdaq-100 Index (NDX) in the future, but NDX components must follow Nasdaq-listed names.
US Listing Makes Sense for Flutter
Listing inward New House of York is a practical relocation for Flutter because the US is the fastest-growing major marketplace to which the operator has exposure. Here, FanDuel is, on with DraftKings (NASDAQ: DKNG), portion of an online sports betting duopoly. FanDuel is also one of the largest internet gambling casino operators inwards this country.
By itemization in the US, Flutter taps into a broader audience of investors — both professional and retail. Many pro investors don’t purchase stocks that craft over-the-counter due to internal regulations, indicating the NYSE itemization could loose a wave of buying for Flutter shares.
Additionally, should the operator eventually adjudicate to spin-off FanDuel, that carry would live eligible for comprehension inwards S&P indexes because the accompany is based inwards the US. Flutter previously said such a dealing testament accept a backseat to the parent’s US listing.
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