IG Group (LSE: IGG) has initiated the first tranche of a new £125 million share buyback programme, according to a regulatory filing released on Wednesday. Morgan Stanley & Co. International Plc has been appointed to execute the share purchases under pre-set parameters.
The buyback was first announced on 19 March alongside IG Group's positive first-quarter revenue update and is structured in two tranches of up to £62.5 million each. The first tranche begins on Wednesday and is expected to run until 30 September 2026. The company stated that a separate announcement will be issued ahead of the second tranche, which remains subject to factors including share price performance and other capital demands.
This new programme extends a series of capital return initiatives undertaken by IG Group in recent years. The company previously carried out a £200 million share buyback, completed in two stages, which included a £75 million extension announced in December 2025 that brought that earlier programme to its final tranche before completion.
IG Group had signalled its intention to undertake the current £125 million buyback in its full-year fiscal 2025 results, published in July 2025. At that time, the board indicated it intended to commence the repurchase during the first half of the current financial year.
Details of the buyback authority
All shares repurchased under the new programme will be held in treasury, with IG Group stating that the sole purpose of the initiative is to reduce the company’s share capital. The programme operates within the authority granted at the company’s annual general meeting on 17 September 2025, under which a maximum of 36,155,787 shares remain available for repurchase.
Board leadership transition
The launch of the buyback coincides with a leadership change at the top of the company. Andrew Barron formally assumed the role of Board Chairman and Chairman of the Nomination Committee on Wednesday, following approval of his appointment by the Financial Conduct Authority (FCA). The company had previously announced his designation as Chair Designate and Non-Executive Director in early March, with FCA approval being the final step before he could take up the post.
Mike McTighe, who has chaired IG Group’s board during a period marked by active capital returns and restructuring, stepped down from the chair and from the board as of Wednesday.
Strategic considerations
Barron’s arrival comes as IG Group evaluates broader structural options. A report published in March indicated that the company is reviewing a possible shift of its primary listing from London to New York, as it seeks to deepen its presence in the US market, where its tastytrade brand operates.
