Israeli broker iFOREX announced on Tuesday that its initial public offering (IPO) will be delayed due to a regulatory review in the British Virgin Islands (BVI).
In a short statement, the broker said the inspection was a routine one and that it had been included in the broker’s prospectus.
iFOREX noted that the regulator’s review has taken longer than anticipated but that it’s nearly complete. The IPO will be able to go ahead once that happens.
iFOREX IPO oversubscribed
A positive for the broker is that the IPO has apparently been oversubscribed, with valuations at the top of the range that the company was looking for previously.
That would suggest a valuation of $50m.
As reported on TradeInformer previously, iFOREX does most of its business via an offshore entity in the BVI, although it does also have a license in Cyprus.
The company made just north of $50m last year, with the largest proportion of overall revenues coming from reverse solicitation activity in Japan.
The firm’s listing in the UK has been a small bright spot for the London Stock Exchange, which saw just five IPOs in the first quarter of the year.
Fintech Wise also announced this month that it would make a US exchange its primary listing, another sign of the gloom surrounding the UK’s public markets.
