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Stocks on the Stock Brokerage Platform Etro It took part in the NASDAQ debut on Wednesday after the company raised nearly $310 million in its first public offer.
The stock opened at $69.69, or 34% above the IPO, boosting its market capitalization to $5.6 billion. Stocks rose more than 30%.
The Israel-based company sold nearly 6 million shares, over the expected range of $46-$50, for $52 each. Approximately 6 million additional shares have been sold by existing investors. At the price of the IPO, the company was valued at around $4.2 billion.
Wall Street is looking for Robin Hood After the drought has increased, interest in IPOs is a competitor seeking new signs. Many investors saw President Donald Trump’s return to the White House as a catalyst before tariff concerns could delay plans.
Etro is not just a company trying to test water. Fintech Company Chime filed a prospectus with the U.S. Securities and Exchange Commission on Tuesday, saying that digital physiotherapy company Hinge Health has kickstarted the IPO Roadshow and is aiming to provide up to $437 million in filings.
Etoro previously filed that it was made public in 2021 through a special purpose acquisition company (a merger with SPAC). We shelved these plans in 2022 as the stock market is nose-shaped, but focused on the final IPO.
Etro was founded in 2007 by brothers Yoni and Ronen Assia and David Ring. The company makes money through non-trading activities such as transaction-related fees and withdrawals. Net income rose almost 13 times last year from $15.3 million in 2023.
The company is steadily building a growing business with cryptocurrency. Revenue from crypto assets more than tripled to $12 million in 2024, resulting in a quarter of the net transaction contributions derived from Crypto last year. That’s up from 10% in 2023.
Etoro said in the first quarter, Crypto Assets expects 37% of the committee to account for 37% from trading activities.
Spark Capital is the company’s largest outside investor, with 14% control after offering and a BRM Group of 8.7%. CEO Yoni Assia manages 9.3%.
