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Financial spreadbetter CMC Markets set to move forward on 2016 IPO - CEO

Reuters - UK Focus

LONDON, May 28 (Reuters) - Financial spreadbetting firm CMC (Shanghai: 600327.SS - news) Markets should announce details of a planned stock market offering within about two weeks and should float next year, the company's chief executive and main shareholder Peter Cruddas said on Thursday.

Talking about the planned offering after the company announced a rise in its underlying profits before tax for the past year of 61 per cent to 51.9 million pounds, Cruddas declined to discuss the likely size of the flotation.

Financial media have speculated the initial public offering (IPO) would value the company at around 1 billion pounds ($1.54 billion). ($1 = 0.6515 pounds) (Reporting By Patrick Graham; editing by Freya Berry and Pamela Barbaglia)