LMAX Weighs $5 Billion IPO at Nearly 50 Times Its Last Reported EBITDA

LMAX Group has retained Morgan Stanley and KBW to work on a possible sale or stock market listing that could value the London-based trading venue at up to $5 billion, according to a CoinDesk report citing three people familiar with the discussions. A Nasdaq listing is currently the preferred route, one source said, while a sale, a SPAC merger and a European IPO remain under consideration. LMAX declined to comment on the speculation.

At the reported ceiling, the price would be steep relative to the numbers LMAX has published. Its latest full-year accounts cover 2024, showing EBITDA of $101 million on gross revenue of $201 million and gross profit of $190 million. That implies a valuation of close to 50 times trailing EBITDA and roughly 25 times sales. LMAX has said 2025 group volumes reached $8.2 trillion, up 26%, but has not released the corresponding revenue or profit figures.

Market Context

The potential valuation is more than five times the roughly $1 billion implied when J.C. Flowers paid $300 million for a 30% stake in July 2021. In the years since, EBITDA rose from $62 million to $101 million, gross profit increased from $106 million to $190 million, and group volumes grew from $5.4 trillion to $6.5 trillion. Chief Executive David Mercer called 2021 a record year and described 2024 as 'a defining year for LMAX Group.'

Comparable deals suggest public markets have become choosier. Kraken parent Payward sold Deutsche Börse a 1.5% stake for $200 million in April, implying a valuation of about $13.3 billion, around six times 2025 revenue and a third below the $20 billion figure attached to the company in late 2025. Deutsche Börse itself trades at roughly 16-17 times EBITDA. Elsewhere, Marex abandoned a London flotation in 2021 and filed for Nasdaq in 2024 with KBW among the joint lead bookrunners, and TP ICAP has weighed New York. Kraken's own listing has slipped toward 2027 after its valuation fell by a third.

LMAX's reporting cycle means fresh financials will take time to reach investors. Its 2024 results appeared on August 26, 2025, and statutory accounts for LMAX Limited and LMAX Broker Limited for the year to December 31, 2025 are not due at Companies House until September 30.

Crypto makes up only one slice of the group's volumes, even though the recent headlines have leaned on that label. Ripple provided $150 million in financing in January to support RLUSD collateral, and LMAX launched Omnia Exchange in February and Kiosk in May. One source said there is no rush to list while digital asset markets are soft. The UK arm posted a net loss in 2023 as crypto volumes declined. Morgan Stanley declined to comment, while Stifel did not respond to CoinDesk before publication.