Online Broker XTB Valued at $618m Ahead of IPO

Polish broker X-Trade Brokers announces plans to IPO and debut on the Warsaw Stock Exchange.

Polish-based X-Trade Brokers (XTB) has announced its intention to hold a public offering of shares in the second quarter of 2016 and an introduction to trading on the Warsaw Stock Exchange.

Finance Magnates first learned about the company’s intention to seek an IPO in an interview with Jakub Maly, XTB’s CEO, in June last year.

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The planned offer will include a 14 percent stake of existing shares sold by XXZW Investment Group, a company directly controlled by one of the founding members of XTB, and will involve a public offering to retail and institutional investors in Poland and a private placement to institutional investors abroad.

Bookrunners have valued XTB at 1.8-2.3 billion zlotys ($484-$618.4 million), pegging its pending initial public offer in Warsaw at up to 330 million zlotys. The valuation marks it as the biggest IPO in Warsaw since May last year.

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JP Morgan and UniCredit’s Pekao Investment Banking are the leading bookrunners in the offer, assisted locally by Ipopema Securities.

XTB was founded in Poland in 2002 and offers online trading in financial derivatives on the forex, equity or commodities markets. The British arm of the group, XTB Limited, is authorised and regulated in the UK by the Financial Conduct Authority (FCA). Operating income for XTB in 2015 amounted to 282.5 million zlotys (38.2 per cent year on year) and net profit was 119 million zlotys (54.3 per cent year-on-year, net profit margin of 42.1 percent).

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