Exclusive: Admiral Markets planning to raise €10 million
FNG Exclusive… FNG has learned that Estonia-based Retail FX and CFDs brokerage group Admiral Markets AS is planning to raise €10 million (USD $11.2 million) in new capital.
The new capital would be in the form of subordinated bonds.
We understand that no final decision has been made to issue the bonds, nor the exact subscription conditions or issue price of the bonds.
Admiral Markets has issued public bonds before, although a smaller amount. In late 2017 Admiral Markets raised €1.8 million in an offering of unsecured subordinated bonds paying interest of 8% per annum. Those bonds were listed on the Nasdaq Baltic Bond List by Nasdaq Tallinn.
Admiral Markets has licensed subsidiaries in the UK (FCA), Cyprus (CySEC), and Australia (ASIC).
Admiral Markets Group AS, the parent company of Admiral Markets AS, brought in Revenues of €33.5 million in 2019, with net profit of €5.2 million. The company’s clients averaged trading volumes of about $55 billion monthly in 2019. By the end of 2019, Admiral Markets Group AS had approximately 14,800 active clients per month.
We had reported exclusively in late May that Admiral Markets had added Kuehne+Nagel executive Andrey Trusov as the company’s new Chief Infrastructure Officer.
Admiral Markets is controlled by Estonian entrepreneur Alexander Tsikhilov.