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

London commodity broker Marex Group plans to go public in New York.

It has filed papers with US regulators for an initial public offering – becoming the latest company to undermine London’s stock market as companies look to achieve higher valuations.

Three years ago, Marex, backed by British private equity firm JRJ, canceled plans to go public in Britain due to difficult market conditions.

Chip designer Arm, Paddy Power owner Flutter and packager Smurfit Kappa have succumbed to American charms. Marex, a broker with access to the London Metal Exchange’s trading floor, said its turnover last year was £982m, up from £563m in 2022.

Profits were £111 million, up from £77.8 million.