At the trading closure of 15 May, Thursday, Nasdaq – listed eToro’s market capitalization, amounts to 5.4 billion US Dollars or 66,85 US Dollars per share. On 14 May, Wednesday, the stock hit an intra-day peak of 74,28 US Dollars during its first listing day after having raised 620 million through an IPO at 52 US Dollars per share after an initial proposal of 46-50 US Dollars and an offer extension from 10 million equities to 11.9 million (press relase). The company and some of its shareholders sold below 12 million stocks. The investors received a 30 days call option for purchasing a further 1.79 million shares (press release and IPO Prospect). The equity value of eToro placement price amounted to 4.3 billion.
Siblings Ronen and Yoni Assia founded eToro in 2007 (see qhere a previous interview of Yoni Assia with BeBeez) and since then they secured several venture capital investment rounds. In March 2023, the scale up attracted 250 million from its own shareholders, SoftBank Vision Fund 2, Velvet Sea Ventures, and ION, a diversified fintech and data management firm that Andrea Pignataro founded, and boosted the post-money value to 3.5 billion (press release). The financing was part of an investment agreement preparatory to the business combination with the US Spac FinTech Acquisition Corp. V announced two years earlier with the aim of listing eToro on Nasdaq. In July 2022, the firms decided to call off the deal (press release).
Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup acted as lead book-running manager for the ipo of eToro. Deutsche Bank Securities, BofA Securities, Cantor, Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Mizuho, and TD Securities assisted as added book-running managers. Canaccord Genuity, Moelis & Company, Needham & Company, Rothschild & Co, and Susquehanna Financial Group, LLLP have the role of co-managers.
The raised resources amount to below 700 million US Dollars, Crunchbase said. In September 2024, eToro invested 80 million Australian Dollars for acquiring Australian fintech Spaceship, an investment platform with more than 0.2 million clients and more than 1.5 billion under management, (si veda qui il comunicato stampa).
IPO filings say that eToro generated a 2024 net contribution margin of 787 million US Dollars (557 million in 2023), an ebitda of 303.9 million (117.2 million) and net profits of 192 million (15.3 million).
