BlackBull Markets Pursues Dual ASX and NZX Listing

BlackBull Markets, an Auckland-based retail trading and contracts-for-difference (CFD) platform, is exploring a simultaneous listing on the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange (NZX). To that end, the company has appointed Barrenjoey Capital Partners, UBS, and Forsyth Barr to run a non-deal roadshow, according to reporting by the Australian Financial Review, which cited people who attended an investor pitch in Sydney.

Co-founders Michael Walker and Selwyn Loekman presented preliminary financials to fund managers at UBS’s Chifley Tower offices in Sydney. Meanwhile, Barrenjoey and Forsyth Barr ran separate investor meetings of their own during the same week.

BlackBull generated NZ$108 million (approximately A$90 million) in revenue over the past 12 months and NZ$55 million in EBITDA, according to figures shared with investors. Furthermore, net profit reached NZ$38 million over the same period, and EBITDA margins came in above 50%, the pitch materials showed.

In addition to strong margins, the company reported monthly client trading volume of nearly $200 billion in buy and sell orders — up roughly 50% from the $133 billion monthly average it posted the prior year. BlackBull attributed the jump, at least in part, to elevated global market volatility, which has lifted activity levels across its platform.

“The business spans 180 countries and offers more than 26,000 tradable instruments, including stocks, equity indices, commodities, foreign exchange, and cryptocurrencies.”

Shareholder Structure: LMAX and Milford Hold Stakes

Walker and Loekman each own approximately 30% of the company, according to data filed with the New Zealand Companies Office. In addition, London-headquartered LMAX Exchange Group holds around 20.8%, having acquired a minority stake in BlackBull in 2024 as part of a partnership to improve execution quality and expand BlackBull’s cryptocurrency capabilities through LMAX’s institutional digital assets infrastructure. Milford’s Private Equity Fund III holds 20.6%.

The business has been paying dividends to shareholders. Simon Botherway, the former chair of New Zealand’s Financial Markets Authority establishment board, serves as chairman of BlackBull‘s board after acquiring a stake alongside Milford in a prior funding round, according to company disclosures.

No ASX-Listed Peer Sets a Direct Benchmark

Fund managers assessing the IPO will struggle to find a direct ASX-listed comparable. The Australian market has seen a wave of newer retail trading platforms — including Stake, Pearler, WeBull, and Moomoo — but none are publicly listed. Investors are expected to benchmark BlackBull against Nasdaq-listed Interactive Brokers Group, which carries a market capitalization of around $115 billion, and the smaller Robinhood Markets, according to the AFR.

The comparison comes with caveats. Interactive Brokers targets more sophisticated traders and generates revenue primarily through commissions and net interest income, while Robinhood built its following around commission-free retail investing aimed at younger users. BlackBull operates in the CFD and leveraged trading segment, which carries a different regulatory profile and tends to generate higher revenue per active account.

The competitive landscape around BlackBull‘s talent has also been active. In March, a former senior BlackBull executive launched TabTrade, a new offshore CFD broker registered in Saint Lucia that competes on zero-spread pricing — illustrating the degree to which BlackBull alumni are now building competing platforms.

Volatile IPO Window, But Volume Tailwinds Persist

The listing push comes as elevated volatility has made the broader IPO market difficult. BlackBull joins fit-outs business FDC Consolidated and Bain Capital-backed aged care operator Estia Health — valued at around A$3 billion — on the non-deal roadshow circuit, according to the AFR. All three presented to fund managers over the past week without committing to a pricing timeline.

The ASX landscape itself has been changing. Cboe Australia received approval from the Australian Securities and Investments Commission in late 2025 to host initial public offerings and dual-listed companies, ending what had been the ASX’s de facto monopoly on new listings. Whether BlackBull would consider Cboe as an alternative venue was not disclosed in the documents circulated to fund managers.

Barrenjoey, one of the three banks on the mandate, is itself mid-transaction. Magellan Financial Group agreed in early March to acquire Barrenjoey in a deal valuing the investment bank at approximately A$1.62 billion, with Magellan purchasing roughly 10% from Barclays as part of the arrangement. Barrenjoey and Forsyth Barr have maintained a trans-Tasman strategic alliance since 2024, making the two firms natural partners on a deal that spans both the Australian and New Zealand capital markets.

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