(Reuters) -Online trading platform iFOREX is considering listing its shares on the London Stock Exchange to boost its clientele base and brand visibility, the fintech company said on Friday.
The company, which was founded in 1996 by Eyal Carmon, offers Contract for Difference (CFD) and forex trading through its platform across a wide range of financial instruments, such as commodities, indices, shares and cryptocurrencies.
Britain’s financial markets have been losing out to rivals on big initial public offerings (IPO), leading to sweeping reforms to make London more attractive for companies to list in.
U.S. tariffs have further worsened the situation, but analysts are hopeful that online fast-fashion retailer Shein’s much-awaited London IPO and Swedish payment firm Klarna’s New York listing could revive the UK’s dormant IPO market.
“London is one of the most attractive and competitive capital markets in the world, with a deep understanding of fintech companies,” iFOREX chief Itai Sadeh said in an intention to float statement.
The company plans to invest proceeds from the IPO to boost branding, adopt AI-driven technologies and obtain new regulatory licenses to increase penetration into new and existing markets.
iFOREX reported trading income of $50.1 million and adjusted pre-profit of $7.6 million for the year ended December 31.
(Reporting by Yamini Kalia in Bengaluru; Editing by Shailesh Kuber)
