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Britain's Marex Group reports 75% surge in annual revenue in US IPO filing
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Britain's Marex Group reports 75% surge in annual revenue in US IPO filing
Mar 26, 2024 1:54 PM

March 26 (Reuters) - British commodities broker Marex

Group reported a 75% jump in annual revenue in a filing on

Tuesday, three months after it confidentially filed to list in

the United States.

The London-based company said revenue for the year ended Dec

31, 2023 rose to $1.24 billion from $711 million a year earlier.

Marex's profit after tax for the same period jumped to $141

million, or $1.09 per share, from $98.2 million, or 80 cents a

share, a year earlier.

The broker, backed by private equity firm JRJ, is attempting

another IPO after its failed attempt to list in London in 2021.

It confidentially filed for an IPO in New York in December last

year.

The company's listing is yet another blow to London capital

markets, which have seen a string of high-profile defections

last year by domestic or locally listed companies to New York in

search of deeper liquidity and higher valuations, including

building materials company CRH.

Marex, which operates across Europe and the Americas with a

growing presence in the Middle East and APAC regions, grew

active clients to over 4,000 in 2023 from nearly 1,800 in 2018.

It employs about 2,000 people in more than 35 global offices as

of Dec. 31, 2023.

Barclays, Goldman Sachs, Jefferies and Keefe, Bruyette &

Woods are the underwriters for the offering.

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