BlackBull Markets' initial public offering has been postponed to next year, not abandoned, according to a source familiar with the matter, after the New Zealand trading platform said its board had decided against a listing "at this time."
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Although Blackbull’s co-founder, Michael Walker, stressed that the roadshow of the broker for its dual listing was “constructive and investor feedback was positive,” he added that “the Board has decided not to pursue a listing at this time because it believes BlackBull can create greater value by executing against the growth opportunities and business milestones ahead.”
“A listing remains a future option, but no decision has been made about timing.”
A Pause, Not a Retreat
Finance Magnates first reported the listing push in March, when BlackBull appointed Barrenjoey Capital Partners, UBS and Forsyth Barr to run a non-deal roadshow ahead of a possible dual listing on the Australian Securities Exchange and the New Zealand Stock Exchange.
Sources who attended an investor pitch by the company's founders in Sydney told the Australian Financial Review, which first reported the development, that the company could push ahead with a pricing process as early as the first half of 2026.
The banking arrangement behind the roadshow has also shifted since March. Barrenjoey, one of the three banks on the mandate, is itself mid transaction, with Magellan Financial Group agreeing in early March to acquire the investment bank in a deal valuing it at approximately A$1.62 billion, purchasing roughly 10% from Barclays.
Founded about 12 years ago, Blackbull is one of the very few CFD brokers with plans to go public. If listed, it might be the only one in the industry to list itself in the Aussie and Kiwi markets.
ThinkMarkets is another Australian broker that floated IPO plans a few years ago but then decided not to go public.
Currently, Blackbull's two co-founders of the broker, Walker and Selwyn Loekman, each own approximately 30% of the company.
London-headquartered LMAX Exchange Group holds around 20.8 per cent, having acquired a minority stake in BlackBull in 2024 as part of what the two firms described as a partnership to improve execution quality and expand BlackBull's cryptocurrency capabilities through LMAX's institutional digital assets infrastructure. Milford's Private Equity Fund III holds 20.6 per cent.
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The Numbers Behind the Growth
BlackBull's own filings back Walker's line about strong performance. Its New Zealand-registered entity, Black Bull Group, reported client funds rising more than 85% year on year to nearly NZ$100 million in the year to March.
That followed an 83% rise the previous year, from NZ$29 million to NZ$53 million. Walker said in July that the results reflected another strong year of growth, supported by high levels of activity across global financial markets.
According to a year-old figure, the broker had 40,000 traders.
