Israeli fintech firm eToro is closing the order books for its highly anticipated IPO ahead of schedule, following overwhelming interest from investors, according to sources cited by Calcalist.
Lead underwriters Goldman Sachs and Jefferies have reportedly informed roadshow participants that they will cease accepting new orders as of Monday, citing exceptional demand.
The offering is said to be more than 10 times oversubscribed, prompting the banks to consider raising the IPO price. Such a move could boost the capital raised to over $500 million, pushing eToro’s valuation beyond the $4 billion mark outlined in its prospectus.
According to the company’s IPO filing, eToro generated $931 million in revenue in 2024—up from $639 million in 2023. Its EBITDA more than doubled year-over-year, reaching $304 million compared to $117 million in the prior year.
The surge in performance was largely driven by a rebound in crypto trading volumes, fueled by a renewed bull market. eToro, which offers cryptocurrency and fractional stock trading along with social investing features, has seen a rise in adoption among younger retail investors interested in both traditional and digital assets.
The IPO stands out in a landscape where fintech listings have largely stalled since late 2021. eToro’s strong financials and crypto exposure appear to be attracting robust interest from both institutional and retail investors.
Should the IPO price be revised upwards, final terms are expected to be announced in the coming days, with trading likely to commence later this week or next. The significant oversubscription suggests eToro’s market debut may come at a premium—provided broader market conditions remain stable.
A successful listing could also pave the way for other crypto-linked fintechs to pursue public offerings.
This marks eToro’s second attempt at going public. The company previously sought a $10.4 billion merger via a SPAC in 2021, a deal that was ultimately scrapped in 2022 amid the broader collapse of the SPAC market.
Since then, eToro has demonstrated resilience. In March 2023, it raised $250 million at a $3.5 billion valuation from a group of investors including ION Group, SoftBank’s Vision Fund 2, and Velvet Sea Ventures. However, private share transactions in December reportedly valued the company closer to $1.7 billion, highlighting a significant valuation gap.
Founded by CEO Yoni Assia, eToro employs nearly 1,700 people globally, including 1,000 in Israel. The company’s IPO comes amid renewed enthusiasm for digital assets and strong performance from peers such as Robinhood, Plus500, XTB, and Swissquote.