iFOREX Financial Trading Holdings has pushed back its planned initial public offering on the London Stock Exchange (LSE), citing the need to wrap up a compliance inspection in the British Virgin Islands. The company, which had aimed to go public in late June, now expects only a “brief delay.”

iFOREX Delays London IPO Amid Ongoing BVI Compliance Review

The inspection, described by iFOREX as a routine thematic review, began earlier this year and was disclosed in the company’s registration documents. According to iFOREX, the process is nearly finished, and the firm anticipates finalizing the inspection soon, clearing the way for the IPO.

Despite the postponement, iFOREX says investor interest has been robust. “The Company is delighted with the strong investor interest in the IPO. Based on firm orders received to date, the institutional offer is heavily oversubscribed at the top of the indicative valuation range,” the company said in a statement.

It is worth noting that in recent months, the long-awaited IPO of Israeli company eToro, set to debut on Wall Street, was also delayed. Ultimately, the listing was pushed back by a month, but this did not harm the company; on the contrary, the delay may have worked in its favor. The debut turned out to be quite successful. The question now is whether a similar delay could benefit iFOREX as well.

iFOREX, founded in 1996 by Eyal Carmon, is a contracts for difference (CFDs) broker operating mainly through subsidiaries in the British Virgin Islands and Cyprus. Carmon will remain the majority shareholder after the listing and will continue to advise the business through a consultancy agreement. The company is currently led by CEO Itai Sadeh.

Dropping Trading Income

The planned London listing would see iFOREX join peers such as IG Group, Plus500, and CMC Markets on the exchange. The offering is targeted primarily at institutional investors, with a portion available to retail investors in the UK through intermediaries.

Financial filings show iFOREX has faced declining performance in recent years. Trading income dropped from $76.8 million in 2022 to $50.1 million in 2024, with profit before tax falling from $26.1 million to $6 million over the same period. The company attributes the downturn to lower market volatility and increased competition, which have led to tighter spreads and fewer active clients. In 2024, operational cash flow turned negative, totaling just under minus $60,000.

More than half of iFOREX’s revenue comes from Asia, with Japan and India making up a significant share. The company has indicated it will consider applying for new licenses in markets such as Australia, Malaysia, New Zealand, the Philippines, Chile, the UAE, and the UK as part of its growth strategy.

iFOREX has not disclosed the exact valuation it is seeking through the IPO, though previous reports have indicated a potential figure around £50 million, with up to £5 million in new capital to be raised.

The company says it will provide further updates as the inspection process concludes and a new IPO date is set.