(Reuters) -eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO) priced above market range, the company said on Tuesday. The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50. The stock is expected to begin […]
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Israel’s eToro seeks to raise up to $620 million in upsized US IPO
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(Reuters) -eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO) priced above market range, the company said on Tuesday.
The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50.
The stock is expected to begin trading on the Nasdaq Global Select Market under the symbol “ETOR” on Wednesday, May 14.
Founded in 2007, the Israel-based company previously tried to go public through a merger with Betsy Cohen-backed special purpose acquisition company (SPAC) at a $10.4 billion valuation. However, the plan fell through in 2022.
In September, eToro agreed to limit its U.S. crypto offerings to bitcoin, bitcoin cash and ether to settle charges with the Securities and Exchange Commission that it operated as an unregistered broker and unregistered clearing agency.
Goldman Sachs, Jefferies, UBS and Citigroup are the lead underwriters for the IPO.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Sumana Nandy)