eToro completes IPO in the U.S., raising $620 million

Odaily Planet Daily News Cryptocurrency and stock trading online brokerage eToro and some shareholders raised nearly $620 million in the U.S. initial public offering (IPO), with a price higher than the previously advertised range. eToro and its investors sold 11.92 million shares at $52 per share. Previously, BlackRock's fund planned to purchase up to $100 million of eToro shares at the IPO price. Based on the number of outstanding shares, this price gives eToro a market value of approximately $4.3 billion, with a fully diluted valuation of nearly $5 billion. IPO documents show that eToro's net profit in 2024 is $192 million. The IPO is led by Goldman Sachs Group and others, and eToro shares are expected to be listed on the Nasdaq Global Select Market under the code ETOR.