Over the past week a number of stories came to light that exposed the inner workings of some major names in the industry. We have seen how firms prepare to go public with initial public offerings (IPOs) and expand into new ventures. On the cautionary side, we have also learned how companies get themselves into various troubles and even bankruptcy.
On Monday, we reported that some of the shareholders of Leverate are funding a new start-up brokerage to be headed by industry veteran, and Leverate’s former Head of Customer Relations, Mariano Obludzyner. He was also formerly an executive of AvaFX, Markets.com and Forex Magnates.
The new brokerage’s name is LegacyFX, and it will be using Leverate’s technology. Leverate’s shareholders have chosen to openly announce their interest in LegacyFX and openly address any concerns that other clients might have.
On Tuesday, we revealed that as of September 2015 Go Markets Group planned to seek an IPO on the National Stock Exchange of Australia (NSX) and get a dual listing on the Frankfurt Stock Exchange. The group solicited investors with a valuation of $50 million.
Among the many interesting details that came out of the story was the involvement of Stephen Wheatley, named by the U.S SEC as facilitating the illegal stock offering of a gourmet coffee company in November.
FXPRIMUS Celebrates 10-Year Anniversary with a Grand Gala in Kuala LumpurGo to article >>
On Wednesday, it was reported that about 10 months since the bankruptcy procedure of Boston Prime began, the appointed special administrator Rollings Oliver is finally getting close to concluding the proceedings.
A court ruling which set the final deadline for client claims submissions and cleared the way for the repayment of some compensation to clients revealed some very interesting details about Boston Prime’s bankruptcy, such as the intriguing status of clients’ fund.
CMC Markets a Step Closer to IPO
On Thursday, we brought you the word on the street that CMC Markets hired Goldman Sachs and Morgan Stanley to help the firm get publicly listed in London. The Financial Director of CMC Markets, Grant Foley, has confirmed it is looking at an IPO, discussed the timing issues and more.
While no valuation details have been provided, according to estimates made by Finance Magnates the CMC Markets IPO listing could actually surpass the £1 billion estimates previously reported by the media. Our calculations show that the figure could be just south of £1.1 billion provided that the equity markets are stable.
On Friday, we shared with our readers an analysis of internal IPO documents which shed light on IronFX’s operations. According to data, before the big downsizing and office closures in 2015 the company boasted of 813 employees and its revenues for 2014 totaled $304 million with profits exceeding $43 million.
A heated debate started among some commenters on the article about the source for IronFX’s issues and how can the company tackle the difficult situation in which it has found itself. If you have anything to add, feel free to join the discussion.