A top ASX stock is heading off to try its fortunes on the Nasdaq Composite Index (NASDAQ: .IXIC).
Don't worry, though. If its Nasdaq listing plans proceed as planned, the S&P/ASX 100 Index (ASX: XTO) company will be dual-listed, meaning it won't be leaving the Aussie market.
The top ASX stock in question is biopharmaceutical company Telix Pharmaceuticals Ltd (ASX: TLX).
Here's what's going on with its United States listing plan.
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Top ASX stock aims to premier on the Nasdaq
Investors have reacted favourably to the news of the Nasdaq listing, with the Telix share price up as high as $21.75 in morning trade on Friday. At the time of writing, shares have retraced to $21.20, up 0.95%.
The top ASX stock has filed a registration statement with the US Securities and Exchange Commission (SEC) relating to its proposed listing on the Nasdaq.
This is expected to be established as a Level II American Depositary Receipt (ADR) program, which the company said would enable streamlined and simplified access to Telix shares on the US market.
Commenting on the proposed listing, management said:
The company believes this decision will further facilitate significant interest in the company from US and global investors, as well as simplify access to Telix's securities and equity-related incentives for US domiciled employees.
Telix is not proposing to raise capital or issue any new shares under the Registration Statement or as part of the proposed Nasdaq listing.
That last line will likely come as a relief to shareholders in this top ASX stock, as capital raisings and new share issues tend to dilute – at least temporarily – the value of existing shares.
Telix noted that its North American operations had been expanding via both organic growth and acquisitions. In fact, the majority of the company's employees are now based in the US.
Management said the Nasdaq listing should broaden its global investor base and help the top ASX stock to attract and retain the highest calibre of talent. The US listing should also boost its visibility "in the most dynamic securities market for global biopharmaceutical firms".
As mentioned earlier, Aussie investors will still be able to buy and sell Telix shares on the ASX just as before.
The company said it expected to retain its primary listing on the ASX "for the foreseeable future". If the Nasdaq listing proceeds to plan, each ADS will represent one fully paid ordinary share and will trade on Nasdaq under the ticker symbol TLX.
Management stressed that, "There can be no assurance as to the occurrence, timing and/or completion of the proposed listing."
Telix share price snapshot
If you look back to the chart up top, you'll see this top ASX stock has been on a tear for many years running now.
In 2024 alone, the Telix share price has rocketed 110%.
