Israel’s eToro Group Ltd. (ETOR), a crypto-focused trading platform for retail investors, surged to $69.69 – up 34 percent from its IPO price of $52.00 – at midday today – Wednesday, May 14, 2025 – in its NASDAQ debut on volume of about 1.26 million shares. At Wednesday’s closing bell, eToro Group Ltd.’s stock had given up a little of its earlier gains to end its first day of NASDAQ trading at $67.00 – up $15.00 for a 28.85 percent gain from its IPO price – on volume of 12.84 million shares.
eToro Group Ltd. (ETOR) upsized its IPO at pricing on Tuesday night, May 13, 2025, to 11.92 million shares – up from 10.0 million shares in the prospectus – and priced the deal at $52.00 – $2.00 above the top of its $46.00-to-$50.00 range – to raise $620.0 million. At pricing, eToro Group Ltd. had a market cap of about $4.3 billion.
Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup led the team of joint book-runners.
During the Street’s unofficial “morning watch” party for eToro, a savvy IPO pro had said that he didn’t expect eToro’s IPO to start trading until around noon today. He said he got a decent allocation – “but it’s not enough to change my life!”
Some IPO players said that the eToro allocations were so small that they appeared to have been handed out with an eye-dropper. The attitude, though, was relaxed. As one long-time IPO investor said, “the allo’s” could have been “zilch” – given the apparent demand.
BlackRock, Inc. – the cornerstone investor – had indicated – on behalf of certain BlackRock funds and accounts – an interest in buying up to $100 million of eToro Group’s stock in the IPO at the IPO price, according to the prospectus. That indication of interest equates to about 20.8 percent of the deal. The cornerstone investor’s shares will not be subject to a lock-up agreement, the prospectus said.
eToro’s CEO Among the Selling Shareholders
Of the 11.92 million shares in its upsized IPO, eToro Group Ltd. offered 5.96 million Class A ordinary shares and the selling shareholders offered 5.96 million shares, according to the prospectus. Among the selling shareholders : eToro’s co-founder and CEO Yoni Assia and his brother, Ronen Assia, executive director of eToro Group Ltd., according to the prospectus – a fact included in a Bloomberg story (published Tuesday, May 13, 2025) that said eToro Group’s IPO was likely to price above range.
Other selling shareholders included affiliates of Spark Capital, BRM Group Ltd., Andalusian Private Capital and CM Equities SP, according to the prospectus – and as reported in the Bloomberg story yesterday. eToro Group Ltd. also reserved up to 500,000 shares to sell through a directed share program.
The company will not receive any proceeds from the sale of the selling shareholders’ stock.
Copy This
eToro gives its customers the opportunity to “trade directly, invest in a Smart Portfolio, or replicate the investment strategy of another investor via our patented CopyTrader product,” according to the prospectus.
On eToro’s platform, users can trade equities, commodities, currencies and crypto assets, traded as the underlying asset or a derivative, depending on the asset class and on the user’s location, the prospectus said.
“We are a global trading platform that serves retail investors. As of Dec. 31, 2024, we had about 3.5 million funded accounts for customers in 75 countries,” eToro said in the prospectus.
eToro Group Ltd. is profitable, according to financial statements in the prospectus: Net income of $192.38 million on total revenue and income of $12.64 billion for the 12 months that ended Dec. 31, 2024.
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