Yoni Assia eToro – Wikimedia
eToro, the trailblazing Israeli-founded retail trading platform, is finally headed to its long anticipated IPO. The company did not reveal an expected value from the IPO, but in January reports indicated a possible $5 billion Valuation.
eToro Group Ltd (“eToro”) has officially filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) for its proposed initial public offering (IPO) of Class A common shares. While the number of shares and price range have not yet been determined, the company has applied to list on the Nasdaq Global Select Market under the ticker symbol “ETOR.”
eToro experienced a remarkable financial turnaround in 2024, reporting a net profit of $192 million. This represents a significant surge from the $15.3 million profit in 2023 and a stark contrast to the $21 million loss incurred in 2022. The company’s earnings per share also reflect this positive trend, moving from a loss of $11.45 in 2022 to a profit of $0.80 in 2023, and further increasing to $9.85 per share in 2024.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The IPO’s completion will depend on market conditions, with no guarantee regarding its timing, size, or final terms.
Goldman Sachs, Jefferies, UBS, and Citigroup are serving as lead bookrunners, while Deutsche Bank Securities, BofA Securities, Cantor, Citizens JMP, Keefe, Bruyette & Woods, Mizuho, and TD Securities will act as additional book-running managers.
Canaccord Genuity, Moelis & Company, Needham & Company, Rothschild & Co, and Susquehanna Financial Group have been named co-managers for the offering.
This move marks a significant milestone for eToro, a leading social investing platform, as it seeks to expand its global presence in the public market.
The news comes after years of speculation about the IPO, going back to 2021. During that time, the firm had some ups and downs. Last March, Jewish Business News first reported on eToro’s IPO plans. At that time the company expected to have just a $3.5 billion IPO.
eToro’s also once attempted to go public through a merger with special-purpose acquisition company (SPAC) FinTech Acquisition Corp. V. Initially announced in March 2021, the SPAC merger plans were officially abandoned in July 2022, citing unmet conditions between the two companies. However, prevailing market conditions at the time were likely the real roadblock.
Founded in 2007 by Yoni and Ronen Assia, and David Ring, eToro developed a platform where users can invest in a variety of equities, commodities, indices, and cryptocurrencies. eToro is a global community of more than 27 million registered users who share their investment strategies. The platform enables users to easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
eToro calls itself the trading and investing platform that “empowers you to invest, share and learn,” with the vision of a world where “everyone can trade and invest in a simple and transparent way.”
Today eToro has over 35 million registered users from more than 100 countries.
