eToro Group, the popular stock and cryptocurrency trading platform, is set to raise approximately $620 million in an upsized U.S. initial public offering (IPO), priced higher than initially planned, the company announced on Tuesday.
The company will offer 11.92 million shares at $52 each, surpassing its earlier price range of $46 to $50. The shares are expected to begin trading on the Nasdaq Global Select Market on Wednesday, May 14, under the ticker symbol “ETOR.”
Founded in 2007 and headquartered in Israel, eToro previously sought to go public in 2022 through a merger with a special purpose acquisition company (SPAC) backed by Betsy Cohen. However, that plan was canceled after it was valued at $10.4 billion.
In September, eToro reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges that it had operated as an unregistered broker and clearing agency. As part of the settlement, eToro agreed to limit its U.S. crypto offerings to only bitcoin, bitcoin cash, and ether.
Goldman Sachs, Jefferies, UBS, and Citigroup are acting as lead underwriters for the IPO.
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