The Wall Street Journal yesterday (8/12) reported that Cyprus-based online forex broker IronFX has filed for initial public offering in the US and is probably preparing to go public in the early 2015. The multi-license holder is said to be working with banks, including Barclays PLC, UBS AG, and Credit Suisse Group AG, for a valuation that could be more than 800million USD.
The Wall Street Journal yesterday (8/12) reported that Cyprus-based online forex broker IronFX has filed for initial public offering (IPO) in the US and is probably preparing to go public in the early 2015. The multi-license holder is said to be working with banks, including Barclays PLC, UBS AG, and Credit Suisse Group AG, for a valuation that could be more than 800million USD.
At 800 million USD, Ironfx IPO could be one of the biggest in the industry. Previously, other online forex brokerages has been known to go public in the US. In December 2010, FXCM went public on the NYSE as the first US forex broker IPO. FXCM market capitalization is now around 790million according to the WSJ, or 1.4 billion according to leaprate. Another forex broker that has went public in the US is Gain Capital, the mother company of Forex.com, also in 2010. Currently Gain Capital market capitalization is around 341.2million USD. Apart from the US, London Stock Exchange also have held forex broker IPO, most notably Israeli-based Plus500 in 2013 with market cap of 'mere' 200 million USD on IPO but its share values has multiplied soon afterward.
Established in 2010, IronFX has progressively advanced in terms of market expansion, services, and regulation guarantees. According to its company profile, it serves retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America. With over 60 offices worldwide, and more than 1,600 employees providing support in over 45 different languages. At the last count, IronFX has held licenses in five regions, including UK (FCA), Australia (ASIC), South Africa (FSP), New Zealand (FSP), Russia (CRFIN), Ukraine (UCRFIN), and Cyprus (CySEC), as well as a member of Eurex Exchange.
Compliance with international regulatory standard is one of IronFX most striking feature; thus, an IPO in the US is expected to boost its prestige. What's more, IPO among forex brokers is seen as lending additional credibility to the related brokers as publicly traded companies are required to fulfill standardized operations and report their financial situation regularly. In line with its image, IronFX is also known as forex broker that host trading competition with the most prestigious prizes, such as the ongoing IronFX Intergalactic Trading Competition.