iFOREX
Financial Trading Holdings has pushed back its planned initial public offering
on the London Stock Exchange (LSE), citing the need to wrap up a compliance
inspection in the British Virgin Islands. The company, which had aimed to go
public in late June, now expects only a “brief delay.”
The
inspection, described by iFOREX as a routine thematic review, began earlier
this year and was disclosed in the company’s registration documents. According
to iFOREX, the process is nearly finished, and the firm anticipates finalizing
the inspection soon, clearing the way for the IPO.
Despite the
postponement, iFOREX says investor interest has been robust. “The Company is
delighted with the strong investor interest in the IPO. Based on firm orders
received to date, the institutional offer is heavily oversubscribed at the top
of the indicative valuation range,” the company said in a statement.
It is worth noting that in recent months, the long-awaited IPO of Israeli company eToro, set to debut on Wall Street, was also delayed. Ultimately, the listing was pushed back by a month, but this did not harm the company; on the contrary, the delay may have worked in its favor. The debut turned out to be quite successful. The question now is whether a similar delay could benefit iFOREX as well.
iFOREX,
founded in 1996 by Eyal Carmon, is a contracts for difference (CFDs) broker
operating mainly through subsidiaries in the British Virgin Islands and Cyprus.
Carmon will remain the majority shareholder after the listing and will continue
to advise the business through a consultancy agreement. The company is
currently led by CEO Itai Sadeh.
Dropping Trading Income
The planned
London listing would see iFOREX join peers such as IG Group, Plus500, and CMC
Markets on the exchange. The offering is targeted primarily at institutional
investors, with a portion available to retail investors in the UK through
intermediaries.
Financial
filings show iFOREX has faced declining performance in recent years. Trading
income dropped from $76.8 million in 2022 to $50.1 million in 2024, with profit
before tax falling from $26.1 million to $6 million over the same period. The
company attributes the downturn to lower market volatility and increased
competition, which have led to tighter spreads and fewer active clients. In
2024, operational cash flow turned negative, totaling just under minus $60,000.
More than
half of iFOREX’s revenue comes from Asia, with Japan and India making up a
significant share. The company has indicated it will consider applying for new
licenses in markets such as Australia, Malaysia, New Zealand, the Philippines,
Chile, the UAE, and the UK as part of its growth strategy.
iFOREX has
not disclosed the exact valuation it is seeking through the IPO, though
previous reports have indicated a potential figure around £50 million, with up
to £5 million in new capital to be raised.
The company
says it will provide further updates as the inspection process concludes and a
new IPO date is set.
iFOREX
Financial Trading Holdings has pushed back its planned initial public offering
on the London Stock Exchange (LSE), citing the need to wrap up a compliance
inspection in the British Virgin Islands. The company, which had aimed to go
public in late June, now expects only a “brief delay.”
The
inspection, described by iFOREX as a routine thematic review, began earlier
this year and was disclosed in the company’s registration documents. According
to iFOREX, the process is nearly finished, and the firm anticipates finalizing
the inspection soon, clearing the way for the IPO.
Despite the
postponement, iFOREX says investor interest has been robust. “The Company is
delighted with the strong investor interest in the IPO. Based on firm orders
received to date, the institutional offer is heavily oversubscribed at the top
of the indicative valuation range,” the company said in a statement.
It is worth noting that in recent months, the long-awaited IPO of Israeli company eToro, set to debut on Wall Street, was also delayed. Ultimately, the listing was pushed back by a month, but this did not harm the company; on the contrary, the delay may have worked in its favor. The debut turned out to be quite successful. The question now is whether a similar delay could benefit iFOREX as well.
iFOREX,
founded in 1996 by Eyal Carmon, is a contracts for difference (CFDs) broker
operating mainly through subsidiaries in the British Virgin Islands and Cyprus.
Carmon will remain the majority shareholder after the listing and will continue
to advise the business through a consultancy agreement. The company is
currently led by CEO Itai Sadeh.
Dropping Trading Income
The planned
London listing would see iFOREX join peers such as IG Group, Plus500, and CMC
Markets on the exchange. The offering is targeted primarily at institutional
investors, with a portion available to retail investors in the UK through
intermediaries.
Financial
filings show iFOREX has faced declining performance in recent years. Trading
income dropped from $76.8 million in 2022 to $50.1 million in 2024, with profit
before tax falling from $26.1 million to $6 million over the same period. The
company attributes the downturn to lower market volatility and increased
competition, which have led to tighter spreads and fewer active clients. In
2024, operational cash flow turned negative, totaling just under minus $60,000.
More than
half of iFOREX’s revenue comes from Asia, with Japan and India making up a
significant share. The company has indicated it will consider applying for new
licenses in markets such as Australia, Malaysia, New Zealand, the Philippines,
Chile, the UAE, and the UK as part of its growth strategy.
iFOREX has
not disclosed the exact valuation it is seeking through the IPO, though
previous reports have indicated a potential figure around £50 million, with up
to £5 million in new capital to be raised.
The company
says it will provide further updates as the inspection process concludes and a
new IPO date is set.
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