Flutters Entertainment, a renowned gaming and entertainment company, has announced that its ordinary shares will start trading on the New York Stock Exchange (NYSE) at 9:30 ET today. This move comes after the company revealed its plans to exit the Dublin Stock Exchange. As a result, Flutter confirmed that its ordinary shares on Euronext Dublin will cease trading at 8:00 GMT, while they will continue trading on the London Stock Exchange (LSE).
Currently, Flutter’s shares on the LSE trade under the existing ticker “FLTR,” but once they start trading on the NYSE, they will be using the ticker symbol “FLUT.” The NYSE listing marks a significant moment for Flutter as it transitions to a primary US listing, which is expected to bring long-term benefits for the company and contribute to its growth in the country.
Peter Jackson, the CEO of Flutter Entertainment, emphasized the importance of the NYSE listing, stating that it will deliver long-term benefits and make Flutter more accessible to US-based investors. He also highlighted the significance of FanDuel’s #1 position in the US market, expecting it to contribute the largest proportion of profits in the near future.
Flutter first acknowledged the potential of a strategic NYSE listing in February of last year. The company believes that the listing will help grow its US profile, boost retention and recruitment of US talent, and grant access to new US domestic investors and deeper capital markets. Additionally, the NYSE listing will allow Flutter to access different US indices by pursuing a primary listing in the US.
After discussions with existing shareholders and US investors, Flutter’s Board identified the transition to NYSE as a primary listing as an “optimal location” for its shares. The proposed move will be up for discussion at the company’s upcoming 2024 AGM, scheduled to take place on May 1, 2024, and is expected to come into effect in either late Q2 or early Q3 of 2024, pending approval by Flutter’s shareholders.