IG Group (LSE: IGG) has begun the first tranche of a new £125 million share buyback program, with Morgan Stanley & Co. International Plc appointed to execute purchases under pre-set parameters, the company disclosed in today’s (Wednesday) regulatory filing.
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The program, first announced alongside a positive first-quarter revenue update on 19 March, is divided into two tranches of up to £62.5 million each. The first tranche runs from Wednesday and is expected to close by 30 September 2026. IG Group said a separate announcement will be made ahead of the second tranche, subject to share price performance and other capital demands.
Treasury Shares and AGM Limits
Wednesday's launch extends a string of capital return programs the company has run in recent years. IG's previous initiative, a £200 million buyback assembled in two stages, included a £75 million extension announced in December 2025, bringing that program to its final tranche before completion.
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The company had flagged plans for the current £125 million initiative in its full-year fiscal 2025 results, published in July 2025, when the board said it intended to launch the repurchase during the current financial year's first half.
All purchased shares will move into treasury, and IG Group stated the program's sole purpose is to reduce share capital. The buyback runs within the authority approved at the company's annual general meeting on 17 September 2025, under which a maximum of 36,155,787 shares remain available for repurchase.
Barron Takes the Chair
The buyback launch coincided with a governance transition at the top of the company. Andrew Barron formally assumed the position of Board Chairman and Chairman of the Nomination Committee on Wednesday, after the Financial Conduct Authority granted its approval of the appointment, IG Group said in a separate filing dated 31 March.
Barron was first named as Chair Designate and Non-Executive Director in early March, with the FCA's sign-off remaining the final step before he could formally take over. Mike McTighe, who has chaired IG Group's board through a period of active capital returns and restructuring, stepped down from both the chair and the board entirely as of Wednesday.
Barron's arrival comes at a moment when the company is weighing bigger structural decisions. A report published in March indicated that IG Group is reviewing a possible shift of its primary listing from London to New York, as it looks to deepen its presence in the US market, where its tastytrade brand operates.
