iFOREX schedules its February 2025 IPO as revenue recovers, aiming to fund automation, expansion, and regulatory licensing initiatives.
iFOREX schedules its February 2025 IPO as revenue recovers, aiming to fund automation, expansion, and regulatory licensing initiatives.
iFOREX sets February 2025 IPO date after revenue rebound, outlining fundraising plans, regional performance, and regulatory expansion efforts.
Key points
After an eight-month delay, iFOREX has set 25 February 2025 as its new target listing date, positioning the move as a strategic step following a sharp recovery in late-year performance.
The contracts-for-differences broker closed Q4 2025 with $13.5 million in revenue and $2 million in EBITDA, nearly doubling revenue and reversing losses from the previous quarter, when it generated $7.7 million in revenue and posted a $3.1 million EBITDA loss.
In its IPO prospectus released, the group reported $27.6 million in H1 2025 revenue, bringing full-year revenue to $48.8 million, still below 2024’s $50.1 million.
Adjusted EBITDA for 2025 is projected at $4 million, down from $9.7 million the prior year, indicating tighter margins and higher operational expenses.
Net profit for the first half of 2025 came in at just over $1.2 million, down 63.5% year-over-year. For context, the company reported $5.1 million in net profit for 2024, compared with $6.7 million in 2023 and a far stronger $26.1 million in 2022.
Despite declining annual profitability, the group maintains its IPO valuation at 1.1× revenue, citing improving momentum heading into FY26.
The planned London listing aims to raise £8.75 million at a valuation of about £43.3 million, with expected net proceeds of around $6.07 million.
The broker plans to spend:
Management says the public listing will raise brand visibility while enabling access to new markets, regulatory authorisations, and potential M&A opportunities.
Founded by Eyal Carmon, the group traces its origins back to 1996 under various brands. It obtained regulatory licences in Cyprus in 2011 and the British Virgin Islands in 2013.
More than 95% of its revenue still flows through its offshore entity.
Carmon, the company’s sole shareholder, will not sell shares in the offering and will retain 58.91% ownership post-IPO. The broker is currently led by CEO Itai Sadeh.
In 2024:
The company recorded 20,159 active clients in the first half of 2025, broadly unchanged year-on-year.
Its strongest region remains East Asia—predominantly Japan—which generated $10.6 million in H1 2025. Revenue from South Asia (led by India) totaled $5 million, while MENA markets produced about $8 million.
However, these figures remain significantly below 2022 levels, when both spread and trading P&L revenues peaked.
Despite its reliance on Asia and the Middle East, the broker lacks licences in Japan, India, and MENA jurisdictions and can operate there only via reverse solicitation. It has also appeared on several warning lists in those regions.
To reduce this regulatory risk, the company plans to use part of its IPO funds to pursue licenses in:
Marketing spending surged to $21.3 million in H1 2025, up from $15.6 million the year prior, though still below the $46.7 million spent in 2022.
The broker also reported reduced exposure to the early-2026 gold rally. As of 17 February 2026, residual net exposure stood at $30.7 million, representing 21.5% of open positions.
iFOREX ended 2025 debt-free, with $6.7 million in net cash, strengthening its balance sheet ahead of its long-anticipated listing.
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