British commodities broker Marex Group has officially filed for an initial public offering in New York, eight months after announcing its decision to list abroad over the London Stock Exchange.
Marex is the latest in a long line of British businesses to give the Square Mile the cold shoulder in 2023, with the most high profile being microchip giant Arm Holdings’ $54 billion snubbing in August.
Being a financial services firm, Marex’s decision to seek a higher valuation across the Atlantic is particularly notable, given Britain’s post-Brexit push to promote global competitiveness in the sector.
Marex has yet to price the IPO shares, with the group stating on Friday that “the initial public offering is expected to commence after the completion of the SEC review process, subject to market and other conditions”.
Back in April, Marex had an internally estimated valuation of between $1.6 billion and $1.7 billion (£1.27 billion and £1.35 billion).
The London-headquartered group cancelled a listing in the UK in 2021 with a targeted valuation of between $650 million and $800 million.
In August, Marex announced that pre-tax profits surged 117% to over $120 million in the first half of the year after agreeing to buy ED&F Man Capital Markets to boost its metals business.