Source: Cointelegraph
Original: “eToro Prices IPO Above Range at $52 per Share, Raising $620 Million”
The cryptocurrency and stock trading platform eToro has increased the scale of its initial public offering (IPO) to $620 million by pricing its shares above the previously suggested range.
According to a press release from eToro on May 13, the platform and its supporters sold over 11.92 million shares at a price of $52 each, which are set to begin trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR.
Initially, the company planned to raise $500 million by offering 10 million shares priced between $46 and $50.
The stock issuance will last at least until May 15, which includes over 5.9 million shares sold by eToro and 5.9 million shares sold by certain existing shareholders.
Israel-based eToro will be listed as a competitor to Robinhood Markets Inc. (HOOD). Robinhood went public in July 2021, and according to Google Finance, its stock price has risen over 67% year-to-date.
eToro initially submitted confidential IPO documents to the U.S. Securities and Exchange Commission (SEC) in January and publicly announced the plan on March 24.
Digital banking fintech company Chime has also applied to list on the Nasdaq Global Select Market under the ticker symbol CHY. However, the number of shares and price range have yet to be determined.
Investment consulting firm Renaissance Capital speculated in a report to clients on May 13 that Chime's IPO could raise up to $1 billion.
Other cryptocurrency companies are also considering IPO plans. Reports indicate that cryptocurrency exchange Kraken is contemplating going public this year.
Stablecoin issuer Circle submitted documents to the SEC on April 1, but paused its plans after U.S. President Trump announced tariff policies on April 2, leading to a global market crash and halting many IPO preparations.
Cryptocurrency custody service provider BitGo launched a global over-the-counter digital asset trading platform in February, following reports that it is preparing for an IPO later this year.
In December, cryptocurrency exchange-traded fund issuer Bitwise predicted that at least five cryptocurrency unicorn companies would go public by 2025: stablecoin issuer Circle, cryptocurrency exchange Kraken and Figure, cryptocurrency bank Anchorage Digital, and blockchain analytics company Chainalysis.
In 2021, Coinbase became the first major cryptocurrency company to go public on Nasdaq in the U.S.
Related: Robinhood Acquires Canadian Company WonderFi for $179 Million, Advancing Global Crypto Business
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