Israeli brokerage eToro plans initial public offering on Nasdaq with valuation$ 5 billion.
According to Finance Magnates, the company is leadingnegotiations with the investment bank Goldman Sachs regarding the placement. The IPO is scheduled to be completed in the second quarter of 2021. The company is also exploring the possibility of completing the SPAC merger to accelerate its entry to Wall Street.
The company's valuation surged to $ 2.5 billion this month after a US institutional investor bought shares in the secondary market for at least $ 50 million.
EToro was founded in 2007 by the brothersRonen and Yoni Assia, the latter currently serving as CEO. Ironically, Israeli clients cannot trade on eToro as it does not have local regulatory approval. However, eToro has been recognized by regulators in the UK, Australia and Cyprus.
The 2020 financial crisis has transformed younginvestors in some of the most significant players in the stock market. This helped lead eToro to an unprecedented year, gaining five million new users and growing its registered customers to 17 million. In addition, the trading volume of stocks on the platform has tripled. The company's revenue doubled to $ 500 million.
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