JD Sports' forthcoming listing on the US over-the-counter (OTC) market is set to inject a fresh dose of appeal for American investors, who will soon be able to trade shares during regular trading hours. This strategic move, commencing on Wednesday, aims to expand the company's investor base without undergoing the complexities and costs associated with a full listing on a US exchange.
By leveraging OTC Markets' platform, JD Sports joins an increasingly large group of prominent British companies that have opted for this 'third way' to access US capital. Retail giants Tesco, Sainsbury's, and Marks & Spencer are among those already utilising the platform to generate greater interest from American investors.
Notably, North America has emerged as JD Sports' largest market, accounting for more than a third of its total sales, driven by both organic growth and strategic acquisitions, including the approximately £758 million deal for US-based retailer Hibbett. CEO Regis Schulz has highlighted the region's importance to the company's global growth aspirations.
The trend among UK blue-chip firms to explore options in tapping into the US market reflects a broader sentiment, with some FTSE 100 constituents opting to move their primary listings or considering it in pursuit of higher valuations and greater liquidity typically found on American exchanges. Earlier this year, fintech firm Wise and gambling operator Flutter both shifted their main listings to Wall Street as part of their US expansion strategies.
However, a full listing transfer involves numerous challenges, which has deterred other major London-listed companies. For instance, Glencore reviewed its London listing in 2025 before abandoning the plans, partly due to not being included in the S&P 500's flagship index. The OTC Markets' solution offers a less arduous route, providing a bridge between UK and US capital markets, according to Jonathan Dickson, OTC Markets' head of Europe and the Middle East.
Trading in European stocks on OTC Markets has seen significant growth, with approximately £93.7 billion ($118.6 billion) recorded in the first three months of this year, representing a 37 per cent quarter-on-quarter increase. UK securities have proven particularly popular on the platform, appearing alongside New York-listed companies on US brokerages, with trades subsequently cleared on the London Stock Exchange.