BlackBull Markets has begun a non-deal roadshow for a possible dual listing on the Australian Securities Exchange and New Zealand Stock Exchange. Finance Magnates reported that co-founders Michael Walker and Selwyn Loekman presented to fund managers while Barrenjoey Capital Partners, UBS and Forsyth Barr managed meetings.
The trailing 12-month figures supplied with the process include NZ$108 million in revenue, NZ$55 million in EBITDA and NZ$38 million in net profit. The reported EBITDA margin exceeds 50 percent. Monthly trading volume was approximately $200 billion, compared with a prior-year average of $133 billion.
Who Owns BlackBull Markets?
Walker and Loekman reportedly hold about 60 percent combined. LMAX Exchange Group owns slightly more than 20 percent, while New Zealand investment firm Milford holds most of the remainder through Private Equity Fund III. A listing could provide liquidity to those concentrated shareholders as well as capital to the company.
BlackBull Markets Regulation
BlackBull operates a New Zealand-licensed forex and CFD business and says it serves clients across more than 180 countries. A roadshow does not guarantee an IPO, final valuation or listing date. Independent audited public accounts would provide the stronger test if a flotation proceeds.
BestForex.io View
Roadshow numbers deserve attention—and later verification
A 50 percent-plus EBITDA margin and strong reported volume are notable. The decisive evidence will be audited accounts and fixed public reporting obligations if BlackBull completes a listing, rather than figures selected for an investor roadshow.
About the Company
About BlackBull Markets
BlackBull Markets is a New Zealand forex and CFD broker co-founded by Michael Walker and Selwyn Loekman. Major shareholders include LMAX Exchange Group and Milford's Private Equity Fund III.
Frequently Asked Questions
Is BlackBull Markets going public?
It has begun a roadshow for a possible ASX and NZX dual listing. No completed listing has been announced.
How profitable is BlackBull Markets?
Roadshow figures report NZ$108 million revenue, NZ$55 million EBITDA and NZ$38 million net profit over the trailing 12 months.
Where can I compare BlackBull Markets?
Read our BlackBull Markets profile and Best Forex Brokers in 2026 ranking.
This is an exploratory IPO process, not a completed listing. Last updated: 2 September 2026.