Israel-headquartered social trading-focused online broker eToro has reportedly filed for an initial public offering (IPO) with US regulators.
Founded in 2007, eToro describes itself as a social investing enabler that aims to revolutionize the way people invest. In March 2019, the company added crypto trading for US customers. Today, depending on the market, eToro offers over 7,000 different financial assets, including crypto and stocks. eToro reports over 30 million investors in 100+ different countries.
The update was revealed about a month after eToro submitted filings to the US Securities and Exchange Commission (SEC) as it moved towards launching an IPO in New York.
Recently, the firm has said that it confidentially filed an F-1 registration statement with the SEC relating to the proposed IPO of the company’s ordinary shares.
eToro shared a statement in which it did not offer too many details, such as a planned valuation, who actually the underwriters of the IPO are going to be, or even the exact timing of this upcoming offering.
Additionally, eToro reported that the firm worked with Goldman Sachs as the lead manager of the offering. Jefferies and UBS will reportedly be serving as co-managers.
The Financial Times reported that a possible that the online investment marketplace may earn a $5 billion valuation.
As mentioned by the company, the IPO is expected to take place after the US SEC completes its review process, presently subject to market and various other conditions.
