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Plus500 plans move to main stock market
Online trading platform Plus500 announced on Thursday that it's planning to list on the main market of the London Stock Exchange.
The company, which is currently listed on the AIM market, said the main market is "the most appropriate" trading platform for continued growth, allowing it to further raise its profile and status in the UK and internationally and helping to attract new customers.
Plus500 said the main market listing would facilitate potential inclusion in the FTSE indices and result in the ordinary shares becoming an improved currency for any acquisitions.
Chief executive Asaf Elimelech said: "Since our AIM IPO in 2013, we have grown the business many times over and become a more mature business in governance, regulatory and reporting terms. We therefore believe now is the right time to seek the listing to help further advance our ambitious global growth plans. The recent announcement of regulatory changes to the contracts for difference industry by ESMA has also ensured that the framework in which we operate is now the clearest it has ever been.
"We believe that the listing and our shares being traded on the main market will provide a number of benefits for shareholders, including increasing the company's profile and status, providing currency for growth and facilitating potential inclusion in FTSE indices. Together these developments are expected to enhance the liquidity of the company's shares and provide a greater range of potential investors for the company both in the UK and overseas, reflecting the global nature of its business."
Liberum is acting as a sponsor in connection with the admission.
At 1120 BST, the shares were up 4.6% to 1,694p.