iForex confirms London listing plans and adds City veteran to board
Fintech trading platform iForex confirmed its plans for a London-lisiting on Monday morning in a major boost to the embattled market.
The fintech said following an initial public offering (IPO) its shares will be traded on the main market of the London Stock Exchange. Its admission is expected in late June 2025.
The firm – which specialises in online and mobile trading platforms – said its IPO would consist solely of new ordinary shares.
The listing was reported to top £50m, according to The Times.
The company, which was founded in 1996, pocketed $50.1m (£38m) in revenue for 2024. Its pretax profit topped $6m.
iForex’s trading platform boasts over 870 instruments allowing retail clients to trade Contracts for Difference (CFDs) – which let users bet on whether an asset’s price will go up or down, without owning it.
Former FTSE 100 boss to join iForex board
The fintech also confirmed that former FTSE 100 chief executive and Conservative party treasurer Sir Mick Davis would join the its board.
Davis has built up a reputation in the Square Mile after overseeing mining giant Xstrata until its merger with Glencore in 2013.
iForex’s backing of London markets comes amid a crucial period for global exchanges.
Following Trump’s ‘Liberation Day’ global markets were thrown into a period of turbulence and fintech bosses sounded the alarm on hesitancy in listings.
Zopa Bank’s chief executive Jaidev Janardana told CityAM: “I feel that free opening of IPOs is far out and the current market conditions do not have that at all.”
This also comes as the Treasury begins to make a play for the fleet of fintech listings that are expected in the near future.
Ministers have courted industry giants in a bid to lure names such as Clearscore, Revolut and Oaknorth into a London-listing.
Monzo is reported to be eying a £6bn float on London markets, with investment bankers to be hired to spearhead the deal in the coming months, according to Sky News.
Eyal Carmon, iForex’s founder, will retain his position as majority shareholder after the IPO.
Along with Carmon, directors and employees with holdings through an Employee Stock Ownership Plan have agreed to a 12-month lockup period, followed by a 12-month orderly market period.
This means for a year after the float, they cannot sell their shares and in the year following sell-offs must be done in a controlled manner.