PANews reported on May 14 that according to Bloomberg, Israeli social investment platform eToro Group Ltd. and some shareholders raised nearly $620 million in an expanded U.S. initial public offering (IPO), with a price higher than the previously advertised range. According to a statement on Tuesday, the company and investors sold 11.92 million shares at $52 per share. Previous documents showed that funds and accounts managed by BlackRock were interested in purchasing up to $100 million worth of eToro shares at the IPO price. Based on the number of outstanding shares, this price gives eToro a market value of approximately $4.3 billion, and a fully diluted valuation of nearly $5 billion.
eToro originally planned to advertise the issuance of 10 million shares, priced at $46 to $50 per share, but the actual price was higher and the demand was several times the number of shares that could be issued. The statement also said that eToro provided 5.96 million shares, and Spark Capital and other affiliated companies and executives provided another 5.96 million shares, and reserved up to 500,000 shares for sale through a private placement plan. IPO documents show that the company's net contribution in 2024 was $787 million and its net profit was $192 million, higher than the previous year. The IPO was led by Goldman Sachs Group and others, and eToro's stock is expected to be listed on the Nasdaq Global Select Market under the code ETOR.
According to previous news, eToro's goal is to achieve a valuation of US$4 billion and US$500 million in financing through a US IPO.
