eToro to debut on Nasdaq in $620M upsized IPO deal
Trading platform eToro is set to raise nearly $620 million in its U.S. Initial Public Offering, after pricing shares above the marketed range ahead of its May 14 Nasdaq debut.
According to a May 13 press release, eToro, alongside existing shareholders, will sell 11.92 million shares at $52 apiece. This is well above the originally marketed range of $46 to $50 and up from the 10 million shares initially planned. The offering gives the company a valuation of about $4.3 billion, or nearly $5 billion on a fully diluted basis.
Funds managed by BlackRock indicated interest in buying up to $100 million worth of shares. This marks a significant comeback for the Israel-based firm, which paused IPO plans in April amid market uncertainty following tariff-related policy shifts by President Donald Trump. eToro also previously attempted to go public via a $10.4 billion Special Purpose Acquisition Company deal, which fell through in 2022.
Founded in 2007, eToro offers stock and crypto trading, as well as copy trading features. It posted $192 million in net income for 2024, up from $15.3 million the year before, according to its IPO filing. Net contribution rose to $787 million from $557 million over the same period.
Notably, eToro agreed last year to limit U.S. crypto trading to Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) as part of a settlement with the Securities and Exchange Commission for operating as an unregistered broker.
Goldman Sachs, Jefferies, UBS, and Citigroup are leading the IPO. The company has also reserved 500,000 shares for a directed share program. Sanctions-related restrictions currently prevent shares from being distributed to Russia-affiliated SBT Venture Fund I, which holds over 6% of Class A shares.
eToro shares are expected to begin trading today, May 14, on the Nasdaq Global Select Market under the ticker ETOR. eToro’s IPO success shows growing confidence in capital markets, particularly for fintech firms balancing traditional and digital asset exposure.
