FXCM went public at the end of 2010 at a share price of $14.0, reaching $15.0 and even more during intraday trading on the IPO day. It was all the way down since and the share price hit rock bottom reaching $8.50 at one point, almost halving FXCM’s $1.05bn IPO valuation. Something changed however in the past few months and FXCM stock rallied rising from $9.00 in November to almost $14.00 today. Yesterday FXCM reported its January 2013 monthly metrics and results were significantly better than December with retail average daily volume being second highest in FXCM history.
The share price rally may be due to solid FXCM’s performance in the past few months, its acquisition of Lucid Markets, the end of the dispute with Thomson Reuters and the overall spike in forex trading activity in the past month which may signal investors that the forex market is back to its high growth mode.
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Whatever the case is this is good news for the forex market in general as well as for brokers like OANDA, Alpari and FxPro who have their eyes on an IPO for some time now.
Gain Capital, the second forex broker to go public, unfortunately isn’t doing similarly well as its share price is still less than half the IPO levels.