iForex, the contracts for differences (CFDs) broker preparing to go public, announced today (Monday) that it intends to list its shares on the main market of the London Stock Exchange in late June 2025. However, the company has yet to disclose the valuation sought or other financial details.
The Listing of Another CFDs Broker
The broker stated that its public offering will be made to institutional investors “by way of a placing together with an offer to be made to intermediaries using the Bookbuild platform for distribution to retail investors in the United Kingdom.”
Eyal Carmon, who founded iForex in 1996, currently operates the company under two entities – one regulated in the British Virgin Islands and the other in Cyprus. Carmon will remain the majority shareholder following the public listing. He has also agreed to enter into a “relationship agreement” with the company after the listing.
“The Founder will continue to assist with providing his expertise to the business through a consultancy agreement with Recap Ltd., a company wholly owned by the Founder,” the latest announcement noted. The iForex Group is now run by Itai Sadeh as the CEO.
The iForex IPO comes after the strong Nasdaq debut of eToro last week. Although both companies offer trading services, they are not directly comparable: iForex provides only CFDs, while eToro has a broader product range, with CFDs making up just a small portion.
Once listed in London, iForex will join three other CFDs brokers already present in the city: IG Group, Plus500 and CMC Markets.
An Asia-Heavy Broker, but Without a Local Licence
According to the registration document filed with the UK’s Financial Conduct Authority (FCA), iForex’s financial performance has steadily declined in recent years. Trading income fell from $76.8 million in 2022 to $50.1 million in 2024 – a drop of over 34 per cent. More than half of the company’s revenue came from Asia, with Japan accounting for 35.3 per cent and India 17 per cent.
Read more: iForex IPO Aims to Enter New Markets and Reverse Revenue Dependence on Asia
Profit before tax fell even more sharply, from $26.1 million to $6 million, while adjusted EBITDA margins were halved over the same period. In 2024, operational cash flow turned negative, totalling just under minus $60,000.
The broker blamed the decline on both external and internal factors. Lower global market volatility reduced trading appetite, particularly in FX, while increased competition led to tighter spreads.
iForex also experienced a drop in active clients, from around 36,000 in 2022 to 29,000 in 2024. The decline was most visible in Europe and Latin America, although there was some resilience in its Asian markets.
iForex, the contracts for differences (CFDs) broker preparing to go public, announced today (Monday) that it intends to list its shares on the main market of the London Stock Exchange in late June 2025. However, the company has yet to disclose the valuation sought or other financial details.
The Listing of Another CFDs Broker
The broker stated that its public offering will be made to institutional investors “by way of a placing together with an offer to be made to intermediaries using the Bookbuild platform for distribution to retail investors in the United Kingdom.”
Eyal Carmon, who founded iForex in 1996, currently operates the company under two entities – one regulated in the British Virgin Islands and the other in Cyprus. Carmon will remain the majority shareholder following the public listing. He has also agreed to enter into a “relationship agreement” with the company after the listing.
“The Founder will continue to assist with providing his expertise to the business through a consultancy agreement with Recap Ltd., a company wholly owned by the Founder,” the latest announcement noted. The iForex Group is now run by Itai Sadeh as the CEO.
The iForex IPO comes after the strong Nasdaq debut of eToro last week. Although both companies offer trading services, they are not directly comparable: iForex provides only CFDs, while eToro has a broader product range, with CFDs making up just a small portion.
Once listed in London, iForex will join three other CFDs brokers already present in the city: IG Group, Plus500 and CMC Markets.
An Asia-Heavy Broker, but Without a Local Licence
According to the registration document filed with the UK’s Financial Conduct Authority (FCA), iForex’s financial performance has steadily declined in recent years. Trading income fell from $76.8 million in 2022 to $50.1 million in 2024 – a drop of over 34 per cent. More than half of the company’s revenue came from Asia, with Japan accounting for 35.3 per cent and India 17 per cent.
Read more: iForex IPO Aims to Enter New Markets and Reverse Revenue Dependence on Asia
Profit before tax fell even more sharply, from $26.1 million to $6 million, while adjusted EBITDA margins were halved over the same period. In 2024, operational cash flow turned negative, totalling just under minus $60,000.
The broker blamed the decline on both external and internal factors. Lower global market volatility reduced trading appetite, particularly in FX, while increased competition led to tighter spreads.
iForex also experienced a drop in active clients, from around 36,000 in 2022 to 29,000 in 2024. The decline was most visible in Europe and Latin America, although there was some resilience in its Asian markets.
This post is originally published on FINANCEMAGNATES.
