eToro Group, a global trading platform for retail investors, raised $620 million by offering 11.9 million shares (50% secondary) at $52, above the range of $46 to $50. The company had originally planned to offer 10 million shares (50% secondary) at that range. Cornerstone investor Blackrock had indicated on $100 million of the offering (now 16% of the deal). At pricing, eToro commands a fully diluted market cap of $4.9 billion, 10% higher than previously anticipated.
eToro believes it has built a collaborative investment community designed to provide users with the educational resources and tools they need to grow their knowledge and wealth. Its platform aims to combine a social network with the ability to trade and invest, all within a regulated, digital investment platform purpose-built for financial discourse and community. As of December 31, 2024, eToro had approximately 3.5 million Funded Accounts across its global footprint of 75 countries.
eToro Group plans to list on the Nasdaq under the symbol ETOR. Goldman Sachs, Jefferies, UBS Investment Bank, Citi, Deutsche Bank, BofA Securities, Cantor Fitzgerald, Citizens JMP, Keefe Bruyette Woods, Mizuho Securities, and TD Securities acted as joint bookrunners on the deal.
