Israeli online trading platform eToro (Nasdaq: ETOR) has successfully completed its Wall Street IPO. The company enjoyed high demand for the flotation on Nasdaq at a company valuation of $4.4 billion (about $5.1 billion in full dilution). eToro raised $620 million, after increasing the number of shares offered. This is the largest Israeli IPO since Mobileye in 2022, and one of the largest IPOs on Wall Street this year.
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eToro had planned to issue shares at a price of $46-50, but took advantage of the bullish market to sell six million shares at a higher price of $52. The funds raised could increase by $93 million, if the underwriters exercise the option to purchase additional shares at the offering price within 30 days. The offering was led by underwriters Goldman Sachs, Jefferies, UBS and Citigroup, along with a long list of other banks – Deutsche Bank, Bank of America, Kantor, Citizens Capital Markets, Keefe, Bruyette & Woods, Mizuho, TD Securities, Canaccord, Moelis, Needham, Rothschild and Susquehanna.
One of the anchor investors in the IPO was US asset manager BlackRock, which bought shares for $100 million in the flotation.
The IPO was postponed from March
eToro, which was founded in 2007 by CEO Yoni Assia, Ronen Assia and David Ring, has developed a trading platform for investors in a range of assets, from stocks and indices to commodities and cryptocurrencies. The company had filed for an IPO at the end of March but deferred the flotation after US President Trump’s announcement on tariffs led to sharp declines on Wall Street.
The valuation achieved by eToro was much lower than the SPAC merger that was planned in 2021 at a company valuation of $10.4 billion, which was then reduced to $8.8 billion before being canceled. But this is still a huge amount and higher than the $3.5 billion valuation received by eToro in its most recent financing round in 2023.
Published by Globes, Israel business news – en.globes.co.il – on May 14, 2025.
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