London-based Marex files for New York IPO in huge blow to the City

City AM

Friday, December 8, 2023

London-based commodities broker Marex has filed for an initial public offering (IPO) in New York in a huge blow to the City after a drought of floats this year. Marex confirmed today it has submitted a filing to the US Securities and Exchange Commission for an IPO in New York next year, meaning one of London’s top private financial services firms will opt to list its shares across the Atlantic. Marex, one of the world’s largest privately-owned commodities brokers and clearing houses, reported a 53 per cent surge in adjusted pre-tax operating profit to $121.7m (£97.3m) in April, as net revenue jumped 29 per cent to $701m. The record results come after the firm snapped up ED&F Man Capital Markets last year to boost its metals business and expand in fixed income and equities. The deal saw the firm boost its client funds by 139 per cent to $12bn, with $4.5bn added through the takeover.

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