eToro To Go Public in the US; Eyes $5 Billion Valuation

Retail crypto and stock trading platform eToro is looking to go public in the US.

Background

• The platform has filed for an IPO with the US SEC
• The firm has confidentially sent out its application to the regulatory agency
• For context, a confidential filing with the SEC offers companies the flexibility to finalize their floatation sans interference from the public

Why should you pay attention?

• The company could end up being listed by the second quarter of this year
• It is targeting a valuation of more than $5 billion
• The firm is working closely with banks like Goldman Sachs, Jefferies, and UBS to help it navigate through this phase

Who said what?

• The eToro team has not yet issued a public word about its decision to opt for the IPO route
• People familiar with the matter spoke on the condition of anonymity and revealed the aforementioned development

Zooming out

• eToro had struck a deal to go public via a Special Purpose Acquisition Company [SPAC] merger in March 2021
• At the time, it eyed a valuation of $10.4 billion
• After failing to garner a green flag from the SEC, the firm hit pause on its ‘going-public’ plan amid the 2022 bear market  

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