Afterpay mulls a US listing: Is this a loss to the Aussie ecosystem?
Aussie tech success story Afterpay is considering a listing in the US, but that doesn’t mean it’s forgetting its Aussie roots. And the listing could ultimately be a bolster to the local ecosystem, rather than a loss.
In its Q3 FY 2021 business update the Aussie fintech announced it is working with external advisors to “explore options for a US listing”, given that the US is now the largest contributor to the business.
Afterpay reported sales were up 211% year-on-year in the US, and 277% in the UK.
The North American market is also now the largest contributor to underlying sales.
In March, the US became the Afterpay’s first region to record more than $1 billion in underlying sales in a single month.
If the listing occurred, Afterpay would remain headquartered in Australia, the statement said. But, its shareholder base is “increasingly becoming more globally focused”.
“A US listing would further accommodate this growing interest.”
There is no timeline laid out for such a shift yet, and any new listing would be subject to market conditions, approval from the US exchange in question and other prerequisites.
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