Retail crypto and stock trading platform eToro is looking to go public in the US.
Background
- The platform has filed for an IPO with the US SEC
- The firm has confidentially sent out its application to the regulatory agency
- For context, a confidential filing with the SEC offers companies the flexibility to finalize their floatation sans interference from the public
Why should you pay attention?
- The company could end up being listed by the second quarter of this year
- It is targeting a valuation of more than $5 billion
- The firm is working closely with banks like Goldman Sachs, Jefferies, and UBS to help it navigate through this phase
Who said what?
- The eToro team has not yet issued a public word about its decision to opt for the IPO route
- People familiar with the matter spoke on the condition of anonymity and revealed the aforementioned development
Zooming out
- eToro had struck a deal to go public via a Special Purpose Acquisition Company [SPAC] merger in March 2021
- At the time, it eyed a valuation of $10.4 billion
- After failing to garner a green flag from the SEC, the firm hit pause on its ‘going-public’ plan amid the 2022 bear market
