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.

• iFOREX Europe Signs Deal with with Hungarian Football Champions
• Prime Broker Pulls IPO After 40% Valuation Cut as Crypto and AI Fears Collide
• iFOREX Renews PSV Eindhoven Partnership After Title Win

Getting here has been anything but straightforward, and the broader IPO environment for financial firms has not made things easier. Just last week, prime broker Clear Street pulled its own listing after a 40% valuation cut, spooked by software sector selloffs and crypto market volatility.

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."

If the listing goes ahead as planned, iFOREX would join a short list of publicly traded online brokers, a list that has barely changed since 2016, despite years of speculation about which firm might go next.

Since then, only eToro has joined the list, last year, but FX and CFD brokers have historically avoided public markets, citing regulatory complexity, earnings volatility, and the difficulty of explaining their business models to generalist investors. iFOREX is betting that a London listing changes that calculus, at least for itself.

Profit Fell Sharply Even as Revenue Held Steady

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.

The full prospectus, published today, includes new data. The first half of 2025 showed revenue recovering, $27.6 million versus $22.6 million in H1 2024, helped in part by Trump's crypto endorsements in February 2025 and the tariff-driven market volatility in April.

But operating profit collapsed to just $420,000 in H1 2025, compared to $4.6 million in the same period a year earlier, as selling and marketing costs ballooned to $21.3 million - up 36% year-on-year.

The prospectus is candid about what happened in the third quarter of 2025. Revenue fell to roughly $7.7 million with an adjusted EBITDA loss of approximately $3.1 million. The company attributes the miss to three factors: unusually low global market volatility, disruption caused by the IPO delay (which meant increased prior marketing spend didn't translate into the brand benefit of being listed), and a short-term revenue initiative the company itself describes as "ineffective" and which was "promptly reversed."

The business recovered in Q4 2025, generating approximately $13.5 million in revenue and $2 million in adjusted EBITDA. For the full year 2025, the company expects revenue of around $49 million, broadly flat with 2024.

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.