I think the ADR route is more likely. You don't have to list in...

I think the ADR route is more likely. You don't have to list in the US, to get US interest. There are many examples on the OTC market for a "foreign" none US company that has gone down this route. Nintendo/FMG for example. This actually made a lot of sense, when the US is our 1st global market. Access to the world's largest capital market has its advantage.

As a side interest. Australia as a country is "incorporated" in the US during the GFC to get "funding". It was never "Activated". But its interesting if you can buy an ADR on the "Commonwealth of Australia" if you want to. Should they issue something in the US market.

https://en.wikipedia.org/wiki/Commonwealth_of_Australia_(US_securities_entity)

The Commonwealth of Australia is a Form 18-KUnited StatesSEC registered entity^[1] representing the nation of Australia for the purpose of issuing securities in the US market. Form 18-K registrations are used only for foreign government registrations with the SEC and do not create a corporation.^[2][3][4] Although digitally available filings date back to 2002,^[5] attention was brought to it following the 2008 Global Financial Crisis and the subsequent introduction of the deposit guarantee scheme under the Rudd government.^[6][7] If an institution covered by the scheme were to collapse, the Australian Government would, at its discretion, issue debt securities that would be subject to US laws and financial regulations.^[7]: 3 As of 2020, Australia has yet to issue any securities related to the deposit guarantee scheme through the entity.^[8][9]

The registration has been subject to various conspiracy theories.^[10] Most relate to the idea that Australia ceased being a sovereign nation following the formation of a "Corporate" entity,^[1] or that the entity violates the Australian constitution.^[11][12] These conspiracies are baseless; the registration of Australia utilized Form 18-K and did not create a corporate entity and this does not violate Australia's sovereignty. US regulations and laws would only apply to operations done in the US, that is, only securities issued in the US would be subject to US regulations.^[7][13]