Cryptocurrency and stock trading platform eToro has made significant progress in its initial public offering (IPO), with its offering price higher than the previously proposed range, increasing the size of this IPO to 620 million US dollars.
eToro announced in a press release issued on May 13 that the platform and its supporters sold over 11.92 million shares at a price of $52 per share. These stocks are scheduled to start trading on the Nasdaq Global Select Market on May 14th under the stock symbol ETOR.
Initially, eToro planned to raise $500 million by selling 10 million shares, each priced between $46 and $50. However, both the final pricing and the number of shares offered exceeded the original plan.
This stock offering will last at least until May 15th. Among the shares offered, eToro sold over 5.9 million shares, and specific existing shareholders also sold 5.9 million shares.
eToro, headquartered in Israel, is about to go public and become a strong competitor of Robinhood Markets Inc. (HOOD). Robinhood went public in July 2021. According to Google Finance data, its stock has risen by more than 67% so far this year. eToro’s listing will undoubtedly stir up new waves in the field of financial trading platforms, and the market is closely watching its subsequent performance.
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