Allwyn is assessing potential secondary stock exchange listings in London and New York following the completion of its merger with OPAP. The group’s first quarter financial results were published in June, alongside the ongoing review of the exchange selection.
Group CFO Kenneth Morton stated that both markets remain viable options due to the company’s substantial operations across the United Kingdom and the United States. The primary objective of the secondary listing is to improve share liquidity and expand the investor and analyst base. "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.
He noted that the transaction mechanics for the OPAP combination were finalized only weeks prior, making the exchange selection the immediate next step.
Merger Details and Quarterly Performance
The secondary listing was initially announced in October as part of the €16 billion merger with the Greek lottery operator OPAP. The acquisition closed earlier this year after a February shareholder vote. Allwyn reported an 8 percent increase in first quarter total revenue to €2.39 billion, while net revenue rose 21 percent year over year to €1.2 billion. The group now operates under OPAP’s existing listing on the Athens Stock Exchange, where shares trade at €13.86. CEO Robert Chvátal confirmed that the Athens arrangement will not require new equity issuance and will maintain the current free float.
Market Context and Advisory Outlook
M&A advisors indicated that a confirmed secondary listing could facilitate future acquisition activity. Paul Richardson of Partis Solutions previously outlined a six to nine month timeframe for a potential United States debut, contingent on verified operational performance. Recent market movements may also inform the decision, as Flutter terminated its secondary London Stock Exchange listing on 12 June. Flutter cited consistently low trading volumes and rising administrative costs as the basis for the review, which was first noted in its 7 May quarterly report. The London market has seen continued contraction, with 88 companies recently delisting or relocating their primary registrations.