RETAIL broker FXPro will today signal its intention to float on the AIM junior stock market, in a move that could make existing shareholders up to £60m. An announcement to the stock market is expected at 7am today, when the Cyprus-based firm will outline its plan to place 30 per cent of its existing shares with institutional investors through the stock exchange. The foreign exchange and futures broker, which launched in 2006, is set to be valued at around £200m. Founder Denis Sukhotin and managing director Panagiotis Xydas are among the shareholders who will net a total of £60m if the float goes to plan. The firm, which sponsors Premier League football clubs Aston Villa and Fulham, hopes to join the market before October. The firm specialises in giving individual investors access to foreign exchange trading, and also offers a platform to trade metals, indices, futures and contracts for difference, which provide exposure to share prices without owning the underlying stock. The company boasts customers in 150 different countries, and currently employs more than 170 people worldwide. It hired Old Mutual’s former chief executive Jim Sutfliffe as a non-executive director at the end of June. Forex trading has grown in popularity since the financial crisis, with more than $4 trillion changing hands every day, according to a recent survey by the Bank of International Settlements. Industry-wide turnover has grown 20 per cent since 2007, with the UK making up more than a third of global trading volumes.
Sunday 5 September 2010 10:00 pm
FXPro to announce plans for Aim float