Israeli online trading platform eToro will begin trading on Nasdaq tomorrow, market sources believe, after it will report the results of its pricing. When eToro restarted the IPO process and filed an updated prospectus earlier this month, the hope was that the market situation would be stable enough for the company to complete its flotation this time.
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In the trading days that have since passed, the market has not only stabilized but risen, amid optimism about a potential trade agreement between the US and China and geopolitical calm. Consequently, eToro is receiving strong demand for its Wall Street IPO. The company planned to issue shares at a price of $46-50, but may ultimately announce the flotation at a higher price.
At the start of last week, it was reported that eToro would become a publicly traded company on the Nasdaq, in an offering that could reflect a company valuation of between $3.7 billion and $4.1 billion. The valuation is now expected to be between $4.4 billion and $4.8 billion.
This is 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 for an Israeli company and the biggest IPO since Mobileye's flotation in December 2022.
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.
Five major investors each held a stake of about 5% in eToro before its IPO: US fund Spark Capital, the Barkat brothers and Yuval Rakavy's BRM Capital, US investment fund Andalusian SPV, SBT Venture Fund, and CM Equities SP.
Published by Globes, Israel business news – en.globes.co.il – on May 13, 2025.
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