rewrite this title and make it good for SEO eToro Bags $620M Upsized Initial Public Offering – NFTgators

Quick take:

The public offering was priced at $52 per share, valuing the online brokerage platform at approximately $4.4 billion.

eToro raised $310 million from the sale of new shares of Class A common stock, with existing shareholders also securing $310 million from the sale of their shares.

The Nasdaq listing will close on May 15, with the shares trading under the ticker symbol ETOR, subject to customary closing conditions.

Online brokerage platform eToro finally went public on Tuesday, selling 11,923,018 Class A common shares to investors. The offer consists of 5,961,509 Class A common shares to be sold by eToro and 5,961,509 Class A common shares to be sold by certain existing shareholders.

The IPO was priced at an improved $52 per share, versus the pre-IPO floating rate of $46-50, due to increased demand. eToro raised $310 million from the newly issued shares of Class A common stock, with another $310 million going to existing shareholders who sold their shares as part of the IPO.

The Nasdaq listing will close on May 15, with the shares trading under the ticker symbol ETOR, subject to customary closing conditions.

eToro has also granted the underwriters a 30-day option to purchase up to an additional 1,788,452 Class A common shares from eToro, potentially securing an additional $93 million, according to a press release.

Goldman Sachs & Co. LLC, Jefferies, UBS Investment Bank and Citigroup were the lead managers for the offering with Deutsche Bank Securities, BofA Securities, Cantor, Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Mizuho, and TD Securities, also joining, while Canaccord Genuity, Moelis & Company, Needham & Company, Rothschild & Co and Susquehanna Financial Group, LLLP were co-managers.

eToro initially tried to go public via a SPAC acquisition in 2021 at a targeted valuation of $10.4 billion, later reduced to $8.8 billion. The latest attempt was scheduled for March but was postponed due to trade wars at the time that saw Trump impose trade tariffs on imports from several countries, which responded in kind.

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