Israeli online trading platform eToro's is considering an IPO on Wall Street at a company valuation of above $3.5 billion, "The Financial Times" reports. This is considerably lower than the $10.4 billion valuation Nasdaq SPAC merger that eToro agreed three years ago but did not complete. However, it is higher than the valuation at which eToro raised $250 million last year from SoftBank and Ion Group.
eToro, which was was founded in 2007 by Yoni Assia, Ronen Assia and David Ring, has developed a trading platform for investors in a wide range of assets including commodities, stocks, indices and cryptocurrencies. eToro CEO Yoni Assia told "The Financial Times" that the company was "exploring the right timing" for an IPO and that even though the UK is the biggest market for its activities, the preference is for a flotation in the US where there is a broader range of investors.
According to "The Financial Times" eToro manages assets for clients worth $11.3 billion in three million accounts and is benefitting from the gains of the US stock exchanges and the rise in the price of bitcoin. Yoni Assia told the FT, "We're seeing levels of activity we haven't seen since 2021."
Published by Globes, Israel business news - en.globes.co.il - on March 10, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.