BlackBullMarkets, an Auckland-based retail trading and CFD platform, is exploring asimultaneous listing on the Australian Securities Exchange and the New ZealandStock Exchange, after appointing Barrenjoey Capital Partners, UBS and ForsythBarr to run a non-deal roadshow, the AFR reported today (Tuesday), citingpeople who attended an investor pitch by the company's founders in Sydney.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Co-foundersMichael Walker and Selwyn Loekman presented preliminary financials to fundmanagers at UBS's Chifley Tower offices in Sydney, with Barrenjoey and ForsythBarr running separate meetings of their own this week. Sources whoattended the session told AFR, which was first to report the development, thatthe company could push ahead with a pricing process as early as the first halfof 2026.BlackBull’s FinancialsShow 50% EBITDA MarginsBlackBullgenerated NZ$108 million (approximately A$90 million) in revenue over the past12 months and NZ$55 million in EBITDA, according to figures shared withinvestors. Net profit reached NZ$38 million over the same period, and EBITDAmargins came in above 50%, the pitch materials showed.The companyreported monthly client trading volume of nearly $200 billion in buy and sellorders, up roughly 50% from the $133 billion monthly average it posted lastyear, according to the figures presented to investors. BlackBull attributed thejump, at least in part, to elevated global market volatility, which the companysays has lifted activity levels across its platform. Thebusiness spans 180 countries and offers more than 26,000 tradable instruments,including stocks, equity indices, commodities, foreign exchange andcryptocurrencies, the company says.Shareholders Include LMAXand MilfordWalker andLoekman each own approximately 30% of the company, according to data filed withthe New Zealand Companies Office. London-headquartered LMAX Exchange Groupholds around 20.8%, having acquired a minority stake inBlackBull in 2024 aspart of what the two firms described as a partnership to improve executionquality and expand BlackBull's cryptocurrency capabilities through LMAX'sinstitutional digital assets infrastructure. Milford's Private Equity Fund IIIholds 20.6%.Thebusiness has been paying dividends to shareholders, sources told AFR. SimonBotherway, the former chair of New Zealand's Financial Markets Authorityestablishment board, serves as chairman of BlackBull's board after acquiring astake alongside Milford in a prior funding round, according to companydisclosures.No ASX-Listed Peers toBenchmark AgainstFundmanagers assessing the IPO will struggle to find a direct ASX-listedcomparable. The Australian market has seen a wave of newer retail tradingplatforms, including Stake, Pearler, WeBull and Moomoo, but none are publiclylisted. Investors are expected to benchmark BlackBull against Nasdaq-listedInteractive Brokers Group, which carries a market capitalisation of around $115billion, and the smaller Robinhood Markets, according to AFR.Thecomparison comes with caveats. Interactive Brokers targets a more sophisticatedtrader and generates revenue primarily through commissions and net interestincome, while Robinhood built its following around commission-free retailinvesting aimed at younger users. BlackBull operates in the CFD and leveragedtrading segment, which carries a different regulatory profile and tends togenerate higher revenue per active account.Thecompetitive landscape around BlackBull's talent has also been active recently.In March, a formersenior BlackBull executive launched TabTrade, a new offshore CFD broker registered in SaintLucia that competes on zero-spread pricing, illustrating the degree to whichBlackBull alumni are now building competing platforms.Volatile IPO Window, ButVolume TailwindsThe listingpush comes as elevated volatility has made the broader IPO market difficult.BlackBull joins fit-outs business FDC Consolidated and Bain Capital-backed agedcare operator Estia Health, valued at around A$3 billion, on the non-dealroadshow circuit, according to AFR. All three have presented to fund managersover the past week without yet committing to a pricing timeline.The ASXlandscape itself has been changing. Cboe Australia received approval from theAustralian Securities and Investments Commission in late 2025 to host initialpublic offerings and dual-listed companies, ending what had been ASX's de facto monopolyon new listings. Whether BlackBull would consider Cboe as an alternative venuewas not disclosed in the documents circulated to fund managers.Barrenjoey,one of the three banks on the mandate, is itself mid-transaction. MagellanFinancial Group agreed in early March to acquire Barrenjoey in a deal valuingthe investment bank at approximately A$1.62 billion, with Magellan purchasingroughly 10% from Barclays as part of the arrangement. Barrenjoeyand Forsyth Barr have maintained a trans-Tasman strategic alliance since 2024,making the two firms natural partners on a deal that spans both the Australianand New Zealand capital markets.This article was written by Damian Chmiel at www.financemagnates.com.