Brokerage group BlackBull Markets is in the early stages of going public, a report from The Australian Financial Review said this morning.
The report claims the brokerage group has hired Barrenjoey Capital Partners, UBS and Forsyth Barr to explore a dual listing in New Zealand and Australia.
BlackBull has purportedly generated $62.8m in revenue over the last 12 months and net income of $22.1m.
Currently BlackBull founders Michael Walker and Selwyn Loekman own 60% of the business. Liquidity provider LMAX also owns a little over 20%. The remainder is held by New Zealand-based private equity firm Milford.
The decision to list is likely in part a way for the founders and the private equity firm to cash out. It’s less clear what LMAX wants from the firm.
BlackBull is unusual in being one of a small number of firms to operate with a license in New Zealand. The country is arguably the only developed country in the world that is yet to impose the extreme and burdensome leverage restrictions on CFD trading we’ve seen elsewhere.
Last year, TradeInformer reported that the company’s New Zealand entity generated $18.8m in revenue for the 2025 financial year.
