Revolut weighs London and Nasdaq dual listing

Storonsky’s comments underline the commercial logic behind the push. He told Les Echos that the US offers a much larger pool of institutional investors, hedge funds, fund managers and retail buyers, making it easier to price and place shares in a deep market. That is the core investor question: whether a company valued at $115 billion in a recent share sale can fetch better liquidity and a broader shareholder base in New York, or whether a dual listing can deliver the prestige and domestic support of London without sacrificing access to US capital.

For the UK market, the story is about more than one company. London has struggled to compete with New York for blockbuster listings, and any decision by Revolut to list domestically, even alongside Nasdaq, would be a symbolic win for the city’s post-Brexit equity market. The company has also been signalling further expansion in the US ahead of any IPO, a reminder that investors will judge the float not only on geography but on how much growth is still ahead in its largest addressable market.

The bullish case is straightforward: a dual listing could broaden Revolut’s investor base, improve liquidity and support a higher valuation by tapping two of the world’s deepest equity markets. The bear case is that the more complex structure could dilute the purity of the story, while London’s weaker IPO pipeline and the company’s own preference for the US may leave the UK with little more than a secondary role.

For investors, the key catalyst is timing. Storonsky has previously suggested a float could come in about two years, depending on market conditions. That leaves plenty of room for the company to build its US franchise, refine its growth narrative and decide whether London can offer enough market depth, visibility and pricing support to share the stage with Nasdaq.