Afterpay (ASX:APT) sets sights on Wall Street listing

Company News

by Michael Luu

Buy now pay later specialist Afterpay (ASX:APT) has expressed an interest in listing on Wall Street, in light of its shareholder base expanding globally and beyond domestic stock investors.

The $36 billion-market-cap company recently released quarterly data, indicating a 211 per cent increase in underlying sales in the US market. As the North American has toppled Australia as the top revenue-generating market for Afterpay, the payment solutions company is now seeking counsel from financial experts at Goldman Sachs on possible approaches to a US listing.

Listing shares in the US offers a fintech company like Afterpay greater access to capital and a larger domain of investors, as 50 per cent of Afterpay’s portfolio of institutional investors are
already based in the United States. A Wall Street listing will also enable Afterpay’s staff in the US to participate as shareholders.

The company is now faced with 2 options-a dual-listing on both exchanges or redomiciliation to the US.

Afterpay (ASX:APT) has also reiterated the intention to remain headquartered in Australia.

Shares in Afterpay (ASX:APT) are trading 0.1 per cent lower at $126.05