eToro files for NASDAQ IPO under symbol ETOR

Investing.com -- On Monday, eToro Group Ltd. took a significant step towards becoming a publicly-traded company by filing for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC). The company is set to offer Class A common shares on the Nasdaq Global Market, although the number of shares and the price range for the offering have not been disclosed. eToro, which has not previously had a public market for its Class A common shares, will trade under the ticker symbol "ETOR".

The underwriters for eToro’s IPO include Goldman Sachs Group Inc (NYSE:GS), Jefferies Financial Group Inc (NYSE:JEF), UBS Group AG (NYSE:UBS), and Citigroup Inc (NYSE:C). They will also have a 30-day option to purchase additional Class A common shares at the IPO price, less the underwriting discounts and commissions.

The filing comes on the heels of a strong financial performance for eToro in 2024, with the company reporting total revenues of $12.64 billion, a substantial increase from the $3.89 billion reported in 2023. Net income also saw a sharp rise to $192.4 million in 2024, up from $15.3 million the previous year. Adjusted EBITDA followed suit, climbing to $304 million in 2024 from $117 million in 2023. As of December 31, 2024, eToro boasted approximately 3.5 million funded accounts across 75 countries.

The company has outlined several market trends that it believes are working in its favor, including the expansion and innovation of capital markets, a rise in retail participation in financial markets, a significant wealth transfer to younger generations who are participating in markets earlier, evolving consumer expectations, and a growing need for reliable social forums for financial discourse.

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eToro differentiates itself with a global platform that offers a localized experience, a diverse multi-asset offering that contributes to a more stable financial profile, and a foundation built on compliance and transparency. The company also emphasizes the value of social investing for investors at all experience levels, and it prides itself on empowering users through education and collaboration. eToro’s management team, led by founders, is recognized for its track record of innovation and leveraging technology to drive further innovation.

Founded in 2007, eToro has established itself as a platform that enables users to trade and invest in a simple and transparent way, fostering a global community focused on shared knowledge and investor education. The platform is designed to help users increase their financial knowledge and wealth, promoting the idea that collective investment can lead to greater success.

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