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Investing.com -- eToro Group, a stock and cryptocurrency trading platform, plans to raise about $620 million in an upsized initial public offering (IPO) in the U.S., pricing its shares above the market range.
The Israel-based firm has offered approximately 11.92 million shares at $52 each, which is higher than its initial target range of $46 to $50.
The shares are expected to start trading on the Nasdaq Global Select Market under the symbol "ETOR" on Wednesday, May 14.
eToro, established in 2007, had earlier attempted to go public through a merger with a special purpose acquisition company (SPAC) backed by Betsy Cohen. The merger, which valued eToro at $10.4 billion, didn’t materialize in 2022.
In September, eToro agreed to restrict its U.S. crypto offerings to bitcoin, bitcoin cash, and ether. This move was a settlement to charges from the Securities and Exchange Commission that it was operating as an unregistered broker and clearing agency.
Leading the underwriting for the IPO are Goldman Sachs, Jefferies, UBS and Citigroup (NYSE:C).
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