BlackBull Shelves IPO Despite Client Funds Surging 85%

BlackBull Markets has stepped back from plans for an imminent public listing even as the New Zealand broker reports rapid growth in client funds and substantial trading activity, raising fresh questions over when one of the region's expanding trading firms will finally test public markets.

The Auckland based forex and contracts for difference broker had been exploring a dual listing in Australia and New Zealand. However, the company has decided not to pursue an initial public offering for now, with its board choosing to concentrate on business expansion and upcoming growth targets instead.

BlackBull's New Zealand entity held close to NZ$100 million in client funds for the financial year ending March 2026, representing growth of more than 85 percent from the previous year. The preceding financial year had already seen client funds rise from approximately NZ$29 million to NZ$53 million.

At a group level, BlackBull is reported to process approximately US$200 billion in monthly trading volume while operating across more than 180 countries. A figure reported about a year earlier placed its trader base at around 40,000, although that number should not be treated as a current customer count.

Co founder Michael Walker said investor meetings conducted as part of the listing process had been constructive and that investor feedback was positive. The board nevertheless concluded that pursuing existing growth opportunities and meeting further business milestones could create greater value before the company enters public markets.

BlackBull had taken concrete steps towards an IPO. In March 2026, it appointed Barrenjoey Capital Partners, UBS and Forsyth Barr to work on a possible listing on both the Australian Securities Exchange and New Zealand Exchange. Market discussions had previously suggested that pricing could potentially have begun as early as 2026.

The company's ownership also includes established financial industry investors. Walker and fellow co founder Selwyn Loekman each hold roughly 30 percent, while LMAX Exchange Group owns approximately 20.8 percent and Milford's Private Equity Fund III controls about 20.6 percent.