The Australian Financial Review is reporting that New Zealand based Retail FX and CFDs broker BlackBull Markets is planning to go public.

According to the AFR, BlackBull has mandated investment bankers Barrenjoey Capital Partners, UBS and Forsyth Barr to explore a dual listing IPO for the company in Australia and New Zealand.

BlackBull Markets is run from Auckland, New Zealand by co-founder and CEO Michael Walker. The broker is a registered Financial Services Provider in New Zealand via Black Bull Group Limited, and runs an offshore operation in Seychelles, BBG Limited.

The AFR report claims that BlackBull has brought in Revenue of AUD $62 million (USD $43 million) over the past year, with net profit in the range of AUD $22 million (USD $15 million). BlackBull is controlled by co-founders CEO Michael Walker and Director of Operations Selwyn Loekman. UK institutional trading firm LMAX and New Zealand investment firm Milford Asset Management hold minority stakes in the company.

The most recent IPO in the CFDs brokerage sector was that of iFOREX, which went public in London earlier this year. iFOREX is similarly sized to BlackBull, with pre-IPO last-12-months Revenue of $49 million. The iFOREX IPO valued the company at £43 million, or $58 million. Much larger eToro went public last year on NASDAQ, however its shares are down by nearly 50% since its May 2025 IPO.