Commodities broker Marex Group snubs City as it files papers to list in New York

London commodities broker Marex Group is planning to list in New York.

It filed documents with the US regulator about an initial public offering –becoming the latest business to snub London’s stock market as firms look to achieve higher valuations.

Three years ago, Marex, backed by British private equity firm JRJ, cancelled plans to float in the UK due to difficult market conditions.

Chip designer Arm, Paddy Power owner Flutter and packager Smurfit Kappa have succumbed to US charms. Marex, a broker with access to the London Metal Exchange trading floor, said revenue last year hit £982million, compared to £563million in 2022. 

Profit was £111million, up from £77.8million.