((Translation automated by Reuters, please consult the non-responsibility clause https://bit.ly/rtrsauto))))
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Etoro and its shareholders are looking for up to $ 500 million
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The trading platform has already attempted to draw on the stock market through a spac agreement
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Blackrock is ready to buy up to $ 100 million in stocks during the IPO
(Adding an analyst’s comment to paragraphs 6 and 7) by Arasu Kannagi Basil and Ateev Bhandari
The Israeli company Etoro said on Monday that it was at an evaluation of $ 4 billion for its IPO in the United States, while the retail trading platform goes ahead with its IPO in New York, long awaited.
Based in Bnei Brak, Etoro and some existing shareholders seek to obtain up to $ 500 million by offering 10 million shares, the price of which is between 46 and 50 dollars each.
The stock markets have found a certain balance in recent days thanks to the signs of appeasement of trade tensions, which has enabled companies to break into the stock market.
Etoro’s rating on the NASDAQ, a market with a strong technological component, will be a decisive test of the appetite of investors for the first sales of action in the aftermath of the bustle caused by customs tariffs.
The company delayed presentations to investors for its IPO last month due to market conditions, Reuters reported.
“Given that we are at the start of the scholarship recovery cycle, investors are often looking for significant discounts,” said Jeff Zell, main research analyst at Introduction on the Stock Exchange.
“If Etoro is able to tell its growth story properly in a highly competitive market, it will be able to achieve a fruitful result
Founded in 2007, the ETORO trading platform allows users to invest in actions and certain cryptocurrencies.
The company agreed in September to limit its cryptocurrency offer in the United States in Bitcoin, Bitcoin Cash and ether within the framework of a settlement with the Securities and Exchange Commission (Commission of securities and foreign exchange) on the accusations according to which it acted as an unregistered broker and unregistered compensation agency.
Etoro had previously sought to break the stock market through a merger with a special acquisition company supported by Betsy Cohen, at a value of $ 10.4 billion. These projects failed in 2022.
In 2023, Etoro raised $ 250 million during a round for a valuation of $ 3.5 billion.
The BlackRock Blk.N asset manager said that he would buy up to $ 100 million in shares as part of the offer.
Goldman Sachs, Jefferies, UBS and Citigroup are the main firm takers. The company will be listed at the Nasdaq under the “etor” symbol.
