Israeli fintech firm eToro is closing its IPO order books earlier than expected after overwhelming demand from investors, according to sources cited by Calcalist.
Underwriters Goldman Sachs and Jefferies, who are leading the offering, informed roadshow participants that they will no longer accept new orders starting Monday.
The deal is reportedly more than 10x oversubscribed, prompting the banks to consider raising the IPO price, which could push the company’s capital raise to over $500 million at a valuation north of $4 billion, as initially projected in eToro’s prospectus.
According to its IPO filing, eToro brought in $931 million in revenue in 2024, up sharply from $639 million the year before. The company’s EBITDA surged to $304 million in 2024, more than doubling from $117 million in 2023.
Crypto trading was a major driver of growth, with a renewed bull cycle fueling volumes across retail platforms. eToro, which also offers fractional stock trading and social investment tools, has benefited from increasing demand among younger investors seeking exposure to both traditional and digital assets.
eToro’s IPO success stands in contrast to the chill that’s gripped many fintech IPOs since late 2021. The company’s strong fundamentals, paired with a renewed appetite for crypto-exposed assets, appear to be drawing both institutional and retail interest.
If pricing is adjusted upward, the final IPO terms are expected to be announced within days, with trading likely to begin later this week or next. The oversubscription suggests that eToro’s public debut could open at a premium, assuming broader market conditions hold.
The strong reception may also clear the path for other fintechs with crypto ties to follow suit.
This is eToro’s second attempt to go public. In 2021, the company pursued a $10.4 billion merger with a special purpose acquisition company (SPAC), but the deal was abandoned in 2022 due to a market-wide SPAC downturn.
The social investing network has shown resilience since then, raising $250 million in March 2023 at a $3.5 billion valuation. That round included investments from ION Group, SoftBank’s Vision Fund 2, and Velvet Sea Ventures. However, reports from Israel suggested in December that eToro’s shares were traded privately at a valuation closer to $1.7 billion, revealing a massive discrepancy.
Founded by CEO Yoni Assia, eToro employs nearly 1,700 people worldwide, with 1,000 based in Israel. The company’s IPO plans come during a period of heightened interest in crypto-related financial activities.
eToro is also inspired by the strong market performance of rivals like Robinhood and European brokers such as Plus500, XTB, and Swissquote.
