Allwyn still mulling secondary listing options

Allwyn is still weighing options on where to file its secondary listing. Speaking to iGB following the operator’s Q1 earnings results, group CFO Kenneth Morton said both London and New York were good options for the company as it maintained “big businesses in both Europe, particuarly the UK, and the US”.

“We still plan to do this and, at the same time, we want to make sure that we do it in a way that’s going to secure the biggest possible benefits for our shareholders,” Morton said.

It first announced plans to list on a secondary global market as part of its €16 billion merger with Greek lottery giant OPAP, in October.

The deal closed earlier this year, following a shareholder vote in February where Allwyn reported “strong” support for the deal among those who cast ballots.

“The benefits that we’re looking at are increased liquidity, attracting more investors, more analysts. We’re in a nice position where there are several good options, realistically, we’re probably talking about New York or London,” Morton said of the decision.

“It’s more a question of where we’ll get the maximum benefit. We only closed the combination with OPAP several weeks ago. So we’ve been quite busy with the mechanics there [as] it’s a pretty complicated transaction, and the listing is the next thing.”

In June, Allwyn reported a Q1 total revenue uptick of 8% to €2.39 billion, while net revenue increased 21% on the previous year to €1.2 billion.

OPAP’s Athens listing

Allwyn took over OPAP’s listing on the Athens Stock Exchange as part of the merger, where its share price sits at €13.86 currently. At the time of announcing the deal, Allwyn CEO Robert Chvátal reassured investors “the listing in Athens will not involve new equity issuance” and that free float – the amount of stock available to the public – “will stay about the same”.

M&A advisors said the deal, and potential second listing, could help the operator pursue further deals.

Speaking to iGB in October, Paul Richardson of Partis Solutions estimated a six‑ to nine‑month window for a potential US listing, but pointed out that first the group must prove that the business is well-executed and actually achieving the promised benefits before attempting an IPO abroad.

Although the operator has yet to make a decision on which stock market to list, recent news that Flutter closed its secondary listing on the London Stock Exchange (LSE) could influence its decision.

The announcement was made on 12 June, following a detailed review of Flutter’s listing arrangements, which were initially highlighted in the group’s Q1 results on 7 May.

Flutter attributed the move to persistently low trading volumes on the LSE and the growing cost, regulatory and administrative complexities associated with maintaining a dual listing.

The LSE has been shrinking over time, as up to 88 companies have delisted or transferred their primary listing away from the LSE in 2024.

Bloomberg data showed that London fell to 20th place in the global IPO rankings in 2024, with only 18 companies listing during the year.

Firms often cite access to deeper capital pools and heightened liquidity in the US as motivators to move a listing to a US exchange.