eToro and its supporters raise $620 million by expanding their IPO

PANews reported on May 14 that according to Bloomberg, Israel's social investment platform eToro Group Ltd. and some shareholders raised nearly $620 million in the expanded U.S. initial public offering (IPO), priced higher than the previous publicity range. The company and its investors sold 11.92 million shares at $52 per share, a statement on Tuesday showed. Previous documents show that funds and accounts managed by BlackRock are interested in purchasing eToro stock worth up to $100 million at IPO prices. Calculated by the number of outstanding shares, this pricing puts eToro's market value of about US$4.3 billion, and its fully diluted valuation is nearly US$5 billion.

eToro originally planned to promote the issuance of 10 million shares, with a price of $46 to $50 per share, but the actual price is higher, and the demand is several times that of the shares that can be issued. The statement also said that eToro provides 5.96 million shares, and Spark Capital and other affiliates and executives provide another 5.96 million shares, and reserves up to 500,000 shares for sale through the targeted share issuance program. The company's net contribution in 2024 was US$787 million and its net profit was US$192 million, up from the previous year, according to IPO documents. The IPO is led by Goldman Sachs and others, and eToro shares are expected to be listed on the Nasdaq Global Selected Market under ETOR as the code.

Previous news, eToro's goal is to achieve a valuation of US$4 billion and a financing of US$500 million through a US IPO.