After a mixed-start of the year, the US IPO market has seen an increase in activity in recent months led by the technology and healthcare industries. As trade tensions from tariffs subside, more companies are expected to enter the open market. Etoro Group Ltd. is one of the first companies seeking an IPO since the new import duties were imposed.
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Etro, an Israel-based retail industry platform, recently filed a newspaper with the Securities and Exchange Commission, providing 10 million shares in an initial public offering. The company offers 5 million shares, while the remaining shares are provided by the selling shareholders. The estimated offer price is $46 per share and $50 per share. The company has applied for the Nasdaq Global Select Market list under the symbol etor. The underwriter group is led by Goldman Sachs, Jeffreys, UBS Investment Bank and Citigroup.
The offering is expected to generate net revenue of approximately $227.7 million based on the expected offer price of $48.00, which is the midpoint of the price range. Management will use revenue primarily for general corporate purposes, such as working capital, operating expenses and capital expenditures. A portion of the revenue can be used to make an acquisition or investment.
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Founded in 2007 by Yoni Assia and his brother Ronen, Etro is on its mission to transform the retail investment experience by pioneering social investment. We have built a co-investment community designed to provide users with the educational resources and tools they need to grow their knowledge and wealth.
As of December 31, 2024, the company had 3.5 million people. Funded accounts Beyond the global footprint of 75 countries. For the year ended December 31, 2024, Etoro generated $12.644 billion in revenue and revenue. This is more than triple growth from the previous year. Net income attributable to strong topline growth has increased significantly to $108 million or $8.76 per share from $15.3 million or $0.72 per share in 2023.
