Israeli-founded trading platform eToro successfully raised nearly $620 million in an upsized initial public offering (IPO) on the Nasdaq, pricing its shares at $52 each, above the initially projected range of $46 to $50 per share. The company sold approximately 11.92 million Class A common shares, split evenly between new shares issued by eToro and shares sold by existing shareholders.
This IPO values eToro at around $4.3 billion, with a fully diluted valuation close to $5 billion when accounting for employee stock options and restricted shares. The offering drew significant investor interest, including commitments from BlackRock-managed funds to purchase up to $100 million worth of shares at the IPO price.
eToro’s debut on the Nasdaq under the ticker symbol “ETOR” marks one of the largest Israeli IPOs on Wall Street since Mobileye’s 2022 listing and is viewed as a key indicator of the anticipated revival in the IPO market in 2025 after several years of sluggish activity. The company, founded in 2007 by brothers Yonatan and Ronen Assia alongside David Ring, has grown substantially, benefiting from increased retail trading and cryptocurrency adoption. Its platform allows users to trade stocks, commodities, and cryptoassets, while also enabling investors to copy top traders’ strategies.
Financially, eToro has demonstrated strong performance, with total commissions reaching $931 million in 2024, up from $639 million the previous year, and net profits soaring to $192.4 million compared to $15.3 million in 2023. The platform boasts 3.5 million user accounts across 75 countries.
The IPO was managed by leading investment banks including Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup, with additional support from other financial institutions. eToro also granted underwriters a 30-day option to purchase additional shares to cover over-allotments.
This listing follows eToro’s earlier aborted attempt to go public via a SPAC merger in 2021 and a temporary pause in its IPO plans in early 2025 due to tariff-related market volatility. The successful pricing and strong demand underscore renewed investor confidence in fintech and retail trading platforms as the public markets regain momentum.
In summary, eToro’s robust IPO performance not only secures substantial capital for its growth ambitions but also signals a broader resurgence in technology and fintech listings on Wall Street this year.
