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Michael Greenberg reports that Gain Capital, the holder of the very lucrative forex.com domain, values itself at $535 post money. There isn’t a date set for this initial public offering. Greenberg notes that Gain’s IPO is very dependent on a bigger offering in the industry – FXCM IPO, which should happen soon, even on Friday, November 26th.

Greenberg looked into the numbers filed by Gain, and found weird accounting ┬ámaneuvers – they went from a big loss in 2009 to a big profit in 2010 due to some “Change in fair value of convertible, redeemable preferred stock embedded derivative”. See his analysis here.

Another forex IPO will definitely take the industry one step forward.