iFOREX Financial Trading Holdings Ltd. has priced its initial public offering (IPO) on the London Stock Exchange at 195 pence per share, setting the company’s market capitalization at roughly £43.3 million. Trading under the ticker IFRX is expected to begin on February 25.
The IPO caps a drawn-out path to the public markets. iFOREX had originally planned to list in late June 2025 before pulling the plug on those plans, citing a routine compliance inspection in the British Virgin Islands that needed more time to complete. The company only confirmed the process had restarted two days ago, describing it as being at an “advanced stage.”
iForex Placing Draws Oversubscribed Demand
The offering consists entirely of 4,487,179 new ordinary shares, with no existing shareholders selling down their stakes. At 195p, the raise totals £8.75 million, around 20.2 percent of the company’s share capital following admission. The placing was oversubscribed, according to the company, suggesting demand from institutional investors exceeded the available allocation.
Shore Capital and Corporate Limited is acting as sponsor, while Shore Capital Stockbrokers Limited is serving as sole bookrunner for the listing. Both are regulated by the Financial Conduct Authority.
Founder Keeps a Firm Grip
Eyal Carmon, iFOREX’s founder, is not selling shares in this offering and will remain the majority shareholder after listing. He has entered into a relationship agreement that takes effect on admission and will continue advising the business through a consultancy arrangement with Recap Ltd., a company he wholly owns. The directors, proposed directors, and certain senior employees holding shares through an employee ownership trust have agreed to a 12-month lock-up, followed by a subsequent 12-month orderly market period.
“Today marks a pivotal moment in iFOREX’s evolution as we prepare to list on the Main Market of the London Stock Exchange,” CEO Itai Sadeh framed the listing as a platform for growth. “The oversubscribed placing reflects investor confidence in our strategy, solid fundamentals and scalable operating model.”
Revenue Picture Warrants Scrutiny
The IPO arrives at a time when iFOREX’s financials have been under pressure. An earlier FinanceMagnates.com analysis showed the broker lost around 20% of its clients and saw profits drop by 75% over two years ahead of the original listing attempt. For the year ended December 31, 2024, the company reported trading income of $50.1 million and adjusted pre-tax profits of $7.6 million, while net profit fell 31% to just above $5 million.
A heavy dependence on Japan and India, which together generate more than half of iFOREX’s revenue, is one of the key structural questions hanging over the stock. The company has said part of the rationale for going public is to fund expansion into new markets and reduce that geographic concentration.
Despite carrying the “forex” name, currency pairs now account for just 37% of client transactions – a sign the business has shifted but perhaps not yet diversified enough for public market investors.
LSE Main Market
Listing on the Main Market, rather than the smaller AIM segment, subjects iFOREX to the full weight of FCA oversight and UK premium listing standards, which could help with institutional credibility but also increase disclosure obligations and compliance costs. The company is also in the process of obtaining a UK financial services license.
The prospectus, now approved by the FCA, is available on the National Storage Mechanism and the company’s investor relations page. Potential investors are advised to rely solely on that document, including its risk factors, before making any investment decision. The company notes that the offering is directed only at qualified investors in the UK and EEA, and is not available to investors in the United States, Canada, Australia, South Africa, or Japan.
This article was written by Damian Chmiel at www.financemagnates.com.BrokersRead More
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