eToro Group Ltd said today (Monday) it is targeting a valuation of up to $4 billion in its initial public offering in the United States, as the platform finally moves ahead with its New York flotation plans. eToro has started the roadshow for its planned initial public offering. The company aims to list 10 million Class A common shares. Half of these shares will be offered by eToro. The other half will be sold by existing shareholders.

eToro Offers 10 Million Shares IPO

Yoni Asia, the CEO of eToro
Yoni Asia, the CEO of eToro

The IPO price is expected to be between $46 and $50 per share, with eToro aiming to raise up to $500 million. eToro has applied to list its shares on the Nasdaq Global Select Market. The proposed ticker symbol is “ETOR.” The company plans to give underwriters a 30-day option to purchase up to 1.5 million additional shares. This would be to cover any over-allotments.

Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup are leading the offering. Other banks involved include Deutsche Bank, Bank of America, and TD Securities. A number of co-managers are also listed.

Funds and accounts managed by BlackRock (BLK.N) have expressed interest in purchasing up to $100 million worth of shares in the offering, according to a Reuters report.

eToro IPO Pending SEC Approval

The offering will only be made through a prospectus. A registration statement has been filed with the U.S. Securities and Exchange Commission. However, it has not yet been declared effective.

No shares may be sold before the registration becomes effective. The announcement is not an offer to sell or a request to buy the shares in any region where it would be unlawful. The IPO depends on market conditions and regulatory approval.

You may find it interesting at FinanceMagnates.com: eToro Joins Robinhood in Stock Lending Arena with New Feature for European Investors.

IPO Revisited Following Cancelled SPAC Deal

In late March, eToro publicly filed a registration statement with the U.S. Securities and Exchange Commission, following an earlier confidential submission. The filing marked a formal step toward its IPO plans.

This was not eToro’s first attempt to go public. A planned $10.4 billion SPAC merger in 2021 was later cancelled due to market conditions. In 2023, the company raised $250 million at a $3.5 billion valuation. Toward the end of last year, it also gained regulatory approval to offer services in New York.

The offering remains subject to market conditions and regulatory approval. No shares may be sold until the registration becomes effective.

Source: Finance Magnates