Forex broker XTB plans IPO, valued at $484-$618 million

Forex broker XTB plans IPO, valued at $484-$618 million

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The Polish online forex broker X-Trade Brokers (XTB) is planning to debut on the Warsaw Stock Exchange by end of June this year, reports Reuters, quoting own sources.

According to the new agency, the bookrunners have valued XTB at 1.8-2.3 billion Polish zlotys ($484-$618.4 million).

The offer will include a 14% stake of existing shares sold by one of XTB’s founders.

This pegs the price of the initial public offer (IPO) at up to 300 million zlotys (a little over $80.3 million) and would make it the largest on the Warsaw stock exchange since last May.

If XTB’s plans to become a public company come into fruition, it would be the third large forex broker to do so since the beginning of the year, after UK’s CMC and Japan’s Hirose.

In terms of market capitalization as of April 1, the bookrunners’ valuation would rank XTB at the seventh position among the largest global publicly owned forex brokers – right after Japan’s Monex Group and displacing Gain Capital to the eighth position.

The IPO will be led by the US multinational financial services company JP Morgan and UniCredit’s Pekao Investment Banking, assisted locally by the Poland-based financial services company Ipopema Securities. According to Reuters, the bookrunners were not available for comment, while XTB declined to comment.

The first reports of the eventual listing of XTB on the Warsaw bourse appeared in Reuters in the summer of 2015. Back then the bookrunners have valued the offering at around $224 million.

XTB was founded in 2002 and is now established in more than 15 countries in Europe, South America and Asia. It provides online trading in over 1500 instruments, including forex, indices, shares, commodities and ETFs. It offers three types of live trading accounts and does not require a minimum deposit. Trading can be done on two platforms – the MetaTrader 4 and the broker’s proprietary xStation. The broker’s various subsidiaries are regulated by UK’s Financial Conduct Authority (FCA) and Poland’s financial supervision commission (KNF).

In 2015 XTB posted a 54% rise in its net profit to 119 million zlotys ($31.9 million) and a 38% increase in revenue to 283 million zlotys ($75.8 million).


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