Financial trading firm Iforex has revived its plans for a £40 million London stock market listing, with a proposed initial public offering (IPO) that could raise approximately £7 million from investors in the coming weeks. According to sources, the company is in advanced discussions with potential backers to secure this funding through the sale of new shares.
Timeline and Market Context
The float, which will see Iforex list on the main London market, is likely to be announced around the end of this month. This move comes after a delay from last spring, attributed by insiders to a routine compliance inspection. The revival of the IPO is seen as a positive development for the London Stock Exchange (LSE), which has faced challenges with companies like asset manager Schroders being subject to megabids that could scrap their London listings.
Key Board Members and Strategic Goals
Iforex counts notable figures among its board members, including Sir Mick Davis, the former mining tycoon and erstwhile Conservative Party treasurer, who serves as a non-executive director. Sir Mick is renowned for overseeing the growth of Xstrata into one of the world's largest mining companies. Additionally, Denzil Jenkins, a former London Stock Exchange Group executive, is also on the company's board, bringing valuable expertise to the firm.
The company, headquartered in Cyprus, does not yet hold a UK licence but is expected to seek one in the coming months. Iforex is working with bankers at Shore Capital to facilitate its public market debut. Beyond the IPO, insiders reveal that the firm aims to expand its operations in the Gulf region, signaling strategic growth ambitions.
Industry Implications and Future Prospects
Iforex specializes in selling financial instruments used for wagering on the direction of equities and other asset classes. While the company's size is relatively small, its entry into the London market is viewed as a welcome boost amid broader economic uncertainties. The successful listing could pave the way for increased investor confidence and further activity in the financial trading sector.
A spokesman for Iforex has declined to comment on the ongoing plans, maintaining a cautious approach as preparations continue. As the financial community watches closely, this IPO could mark a significant milestone for both Iforex and the London market's appeal to international firms.
