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Iforex reviving plans for £40m London float - report
(Sharecast News) - Financial trading company Iforex is reportedly reviving plans for a £40m London stock market listing. According to Sky News, the Cyprus-based company, which sells financial instruments used to place wagers on the direction of equities and other asset classes, is in talks with investors about raising roughly £7m from the sale of new shares in an initial public offering.
City sources told Sky the float, which will see Iforex list on the main London market, was likely to be announced around the end of this month.
Iforex - which counts former mining tycoon and ex-Conservative Party treasurer Sir Mick Davis among its board members - had hoped to make its public market debut last spring but delayed it because of what sources described as "a routine compliance inspection".
Davis, who oversaw the growth of Xstrata into one of the world's largest mining companies, is among Iforex's non-executive directors. Denzil Jenkins, a former London Stock Exchange Group executive, is also on the board.
It was understood that Iforex, which does not yet have a UK licence but is expected to seek one in the coming months, is working with bankers at Shore Capital on its plan to go public.
Sky said the company also wants to expand in the Gulf, according to insiders.
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