London-based commodities dealer Marex this morning announced its intentions to float on the London Stock Exchange (LSE), in a move that is thought could value the company at more than £500m.

Pricing or the size of the stake in the company to be floated has yet to be disclosed.

Marex, is controlled by JRJ Group, a private equity firm set up by two ex-Lehman Brothers investment bankers.

It operates in the “bull ring” of the London Metal Exchange.

Read more: London Metal Exchange to take steps to improve electronic pricing during ring closure

In April Marex reported a 15 per cent jump in adjusted pre-tax operating profit to $61.5m on an 18 per cent rise in net revenues to $414.7m.

Ian Lowitt, CEO of Marex, said: “The attractiveness and resilience of our business model is demonstrated by our latest set of results which showcase continued strong performance despite the obvious macro headwinds. I am excited about the next stage of our development and the growth opportunities ahead. We look forward to generating continued value for all our stakeholders.”