The BlackBull Markets IPO has been put on hold, the CFD (contracts for differences) broker’s board confirmed, even as the New Zealand-headquartered firm renewed its sponsorship of Auckland FC for a second consecutive A-League season. The two pieces of news together tell a story about where BlackBull is placing its bets right now: grow the brand, build the revenue base, and list when the moment is right rather than when the market expects it.
Why the BlackBull Markets IPO has been delayed
BlackBull had been running a non-deal roadshow, led by Barrenjoey Capital Partners, UBS and Forsyth Barr, with a dual listing on the Australian Securities Exchange and the New Zealand Stock Exchange in mind. Sources who attended an investor pitch by the founders in Sydney told the Australian Financial Review that a pricing process could begin as early as the first half of 2026, according to Finance Magnates.
That timeline has now slipped. The board has decided not to pursue a listing at this time. Co-founder Michael Walker said the board ‘believes BlackBull can create greater value by executing against the growth opportunities and business milestones ahead,’ adding that ‘a listing remains a future option, but no decision has been made about timing.’
For investors who had been eyeing BlackBull as a potential IPO play, that clarity is at least useful, even if the conclusion is not what they hoped for.
What the numbers look like before any future float
At group level, BlackBull reported annual revenue of NZ$108 million and EBITDA (earnings before interest, tax, depreciation and amortisation, a measure of operating profit before those charges) of NZ$55 million for 2025.
The New Zealand unit alone gives a more granular read. According to FX News Group, the local entity generated NZ$41.2 million in revenue in FY2026, up 30% from NZ$31.7 million the year before. Net profit for the New Zealand unit came in at NZ$1.7 million, a slight dip from NZ$2.0 million in FY2025.
Client assets held at the New Zealand unit reached NZ$99.0 million at fiscal year-end, up 85% from NZ$53.4 million. The snippet cited a figure of 87% growth to nearly NZ$100 million; the FX News Group reporting shows 85% growth to NZ$99.0 million, likely reflecting a small difference in base periods or rounding rather than a substantive discrepancy.
The business has also been paying dividends to shareholders ahead of any listing, according to sources cited by Finance Magnates via TradingView. That matters: a broker returning cash to owners while expanding internationally suggests the growth is not being funded entirely by retained earnings alone, and any future prospectus will need to explain how that balance shifts post-float.
Who owns BlackBull and what the Auckland FC deal signals
Co-founders Michael Walker and Selwyn Loekman each hold roughly 30% of the company. LMAX Exchange Group, which acquired its roughly 20.8% stake in 2024 as part of a partnership covering execution quality and cryptocurrency infrastructure, sits alongside Milford’s Private Equity Fund III on around 20.6%. Milford Asset Management launched that fund in 2021, capping it at a hard close of NZ$192.5 million in investor commitments.
Simon Botherway, the former chair of New Zealand’s Financial Markets Authority establishment board, serves as chairman after acquiring a stake alongside Milford in a prior funding round.
Against that ownership backdrop, the Auckland FC renewal reads as a deliberate piece of brand infrastructure for the eventual listing, whenever it comes. BlackBull is the Official Trading Partner of Auckland FC for the 2025/26 A-League Men season. The club finished third last season, having won the inaugural A-League championship the year before when the partnership began.
Auckland FC carries over 163,000 Instagram followers and 115,000 on TikTok. For a broker whose business spans 180 countries and more than 26,000 tradable instruments including foreign exchange, equities, commodities and cryptocurrencies, visibility in the Australian and New Zealand markets is not cosmetic: these are the core geographies a dual-listed entity would lean on hardest for institutional and retail shareholder demand.
CMC Markets’ front-shirt deal with Everton, reportedly costing tens of millions of pounds, shows the scale of commitment CFD brokers are willing to make in football. BlackBull’s Auckland partnership is a more targeted play: home-market recognition, a growing club, and a banner already in place should the IPO roadshow restart.
The board has not closed the door, only said it is not walking through it yet. Watch for a pricing process update if the group’s FY2027 numbers land with the same momentum the FY2026 filing showed.
