The IPO Buzz: eToro Group (ETOR) Prices Upsized IPO at $52 – $2 Above Range

Israel’s eToro Group Ltd. (ETOR), a crypto-focused trading platform for retail investors, upsized its IPO at pricing to 11.92 million shares – up from 10.0 million shares in the prospectus – and priced the deal at $52.00  – $2.00 above the top of its $46.00-to-$50.00 range – to raise $620.0 million on Tuesday night, May 13, 2025. At pricing, eToro Group Ltd. had a market cap of about $4.3 billion.

eToro Group’s stock is expected to start trading tomorrow – Wednesday, May 14, 2025 – on the NASDAQ.

Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup led the team of joint book-runners.

Of the 11.92 million shares in its upsized IPO, eToro Group Ltd. offered 5.96 million Class A ordinary shares and the selling shareholders offered 5.96 million shares, according to the prospectus. The company will not receive any proceeds from the sale of the selling shareholders’ stock.

Earlier today, Bloomberg reported that  eToro’s IPO was likely to price above range.

BlackRock, Inc. –  the cornerstone investor – had indicated – on behalf of certain BlackRock funds and accounts – an interest in buying up to $100 million of eToro Group’s stock in the IPO at the IPO price, according to the prospectus. That indication of interest equates to about 20.8 percent of the deal. The cornerstone investor’s shares will not be subject to a lock-up agreement, the prospectus said.

On eToro’s platform, users can trade equities, commodities, currencies and crypto assets, traded as the underlying asset or a derivative, depending on the asset class and on the user’s location, the prospectus said.

In the prospectus, eToro said: “We are a global trading platform that serves retail investors. As of Dec. 31, 2024, we had about 3.5 million funded accounts for customers in 75 countries.”

eToro Group Ltd. is profitable, according to financial statements in the prospectus: Net income of $192.38 million on total revenue and income of $12.64 billion for the 12 months that ended Dec. 31, 2024.

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