About a month after reports surfaced that Israel based, social trading focused online broker eToro was moving forward with an IPO, eToro itself has confirmed that the company has (confidentially) filed an “F-1” registration statement with US regulatory authorities.
In a very brief statement (see full text below), eToro didn’t really provide any more information such as a planned valuation of the company, who the underwriters of its IPO will be, or the timing of an offering.
Initial reports were that eToro had engaged Goldman Sachs as lead manager of the offering, as well as Jefferies and UBS as co-managers. Valuation-wise, the Financial Times had earlier reported a potential $5 billion valuation for eToro, but at this point that is still speculation.
US securities rules allow for companies planning to go public to first clear their “F-1” IPO prospectus confidentially, giving the company the opportunity to answer regulators’ questions about the document and the company’s financials before the company has to publicly release all that information.
IPO registration statements typically take at least 30 days to “clear” the regulators. However there are often several rounds of regulator comments and then responses (and edits) by the company, before the document is finalized and the company pursues an IPO transaction.
The full statement issued today by eToro reads as follows.
eToro Announces Confidential Submission to SEC of Draft Registration Statement for Proposed IPO
12th February 2025 – eToro Group has confidentially submitted a draft Registration Statement on Form F-1 to the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
