iFOREX has disclosed additional financial and operational details in its IPO prospectus following its listing on the Main Market of the London Stock Exchange.

The group operates through two regulated subsidiaries. Formula Investment House Ltd is incorporated in the British Virgin Islands and authorised by the British Virgin Islands Financial Services Commission, while iCFD Ltd is based in Cyprus and licensed by the Cyprus Securities and Exchange Commission as a Cyprus Investment Firm. In 2024, more than 95% of revenue was through the offshore BVI entity, with under 5% coming from the CySEC-regulated arm.

iFOREX IPO Filing Details 2025 Revenue Outlook and $58.3M Valuation

For the 12 months ended June 30, 2025, iFOREX reported revenue of $55.1 million. Net profit for the period stood at $3.0 million, compared with $25.8 million in 2022, when revenues reached $76.8 million. The company expects to report full-year 2025 revenue of approximately $49 million, broadly in line with 2024’s $50.1 million. Adjusted EBITDA for 2025 is at around $4 million.

The IPO valued the company at £43.3 million ($58.3 million), implying valuation multiples of 1.1x revenue and 19.4x earnings based on the latest 12-month figures. Of the £8.75 million raised, net proceeds of about $6.07 million will be toward automation systems, AI-based risk management tools, onboarding processes, expansion into new markets, hiring, and general corporate purposes.

Founder Eyal Carmon retains a 58.91% stake following the listing, while an employee share ownership plan holds 20.86%. The company reported 28,863 active clients in 2024, with East Asia contributing 39% of trading income. The balance sheet shows net cash of approximately $6.7 million and no debt as of year-end 2025.

With a £43.3 million valuation and modest net proceeds directed toward automation, AI systems, and market expansion, iFOREX is positioning itself for incremental growth rather than rapid scale. The company’s strong cash position and absence of debt provide financial flexibility, while its heavy reliance on offshore revenue remains a defining feature of its structure.

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