Retail trading platform eToro targets $4 billion valuation in US IPO

Israel's eToro Group said on Monday it was targeting a valuation of up to $4 billion in its initial public offering in the United States, as the retail trading platform finally moves ahead with its long-awaited New York flotation plans.

Bnei Brak-based eToro and some existing stockholders are aiming to raise as much as $500 million by offering 10 million shares priced between $46 and $50 each.

Stock markets have regained some poise in recent days amid signs of easing trade tensions, opening the window for companies to go public.


eToro's listing on the tech-heavy Nasdaq will be a litmus test of investor appetite for first-time share sales in the aftermath of the tariff-driven turmoil.

The company had delayed investor presentations for its IPO last month due to market conditions and volatility, Reuters reported.

It joins Chinese tea maker Chagee, which made its Nasdaq debut last month, on the list of foreign companies to float their shares on US exchanges.

Founded in 2007 by Yoni Assia and Ronen Assia, eToro's trading platform allows users to invest in stocks, cryptocurrencies and other assets. It has over 40 million users spanning 75 countries.

eToro had previously attempted to go public through a merger with Betsy Cohen-backed special purpose acquisition company FinTech Acquisition at a $10.4 billion valuation. Those plans fell apart in 2022.

In 2023, eToro raised $250 million in a funding round at a valuation of $3.5 billion.

Funds and accounts managed by asset management giant BlackRock have indicated interest on buying up to $100 million worth of shares sold in the offering.

Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup are the lead underwriters for the offering.

The company will list on the Nasdaq Global Select Market under the symbol "ETOR".