In a significant development in the financial technology sector, eToro, the popular stocks and cryptocurrency trading platform, has filed to offer shares to the public for the first time on the Nasdaq. This marks a renewed effort for a public listing after a previous attempt in 2021 faced hurdles.
The Israeli-based company, based in Bnei Brak, reported an impressive revenue increase of over threefold, reaching $12.6 billion last year. A substantial portion of this revenue, amounting to $12.1 billion, was attributed to its cryptocurrency segment, which saw a remarkable jump from $3.4 billion in 2023.
Founded in 2007 by Yoni and Ronen Assia, eToro allows users to trade a variety of assets including stocks, cryptocurrencies, and commodities, as well as offer features that enable users to mimic other traders’ portfolios. The initial public offering (IPO) plans were initially unveiled through confidential filings with the SEC earlier this year.
Data from eToro’s recent Form F-1 filing indicates that net income surged to $192 million in 2024, a significant increase from just $15.3 million in 2023. The firm aims to raise between $300 million and $400 million with a target valuation of $4.5 billion, according to reports from Globes.
It is worth noting that this valuation falls short of the $10.4 billion that eToro sought in 2021 during a planned merger with a special-purpose acquisition company, a deal that was eventually abandoned due to unfavorable market conditions. The company plans to list its shares under the ticker “ETOR.”
The upcoming offering will be spearheaded by major financial players including Goldman Sachs, Jefferies, UBS, and Citigroup, which are set to serve as underwriters for the IPO.
As eToro makes strides towards its IPO, the financial community will be closely monitoring its progress, particularly in the evolving landscape of public offerings and the cryptocurrency market.
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