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Shares in retail trading platform eToro surged on the company’s Wall Street debut as investor optimism sparked by a de-escalation of trade tensions between China and the US spread to the new listings market.
EToro rose as much as 42.8 per cent to $74.28 on Wednesday afternoon following an initial public offering on the Nasdaq that valued the Israel-based group just below $6bn. The rise came after an upsized float in which 11.9mn shares were offered to investors at $52 a piece, raising almost $620mn.
The company, which was founded in 2007 and whose largest market is the UK, had initially planned to sell 10mn shares for between $46 and $50. The listing was buoyed by BlackRock, which acted as a cornerstone investor and indicated an interest in buying up to $100mn of shares in the offering, according to a previous filing.
Wednesday’s deal comes as the broader US IPO market shows signs of thawing, following an underwhelming start to the year. Bankers had high hopes of a quick revival for large new offerings in the early stage of Donald Trump’s second term as president.
Market turbulence triggered by his sweeping tariff announcements in early April sent stocks tumbling and forced bankers to postpone several highly anticipated tech floats. Among the high-profile casualties during the market swings that followed Trump’s “liberation day” tariff announcements on April 2 were Swedish “buy now, pay later” group Klarna and ticket company StubHub.
Waves of volatility sparked by subsequent changes to Trump’s initial levy plans buffeted global financial markets throughout much of that month.
US stocks have surged over recent weeks, however. A deal struck over the weekend between the US and China to scale back their trade war added further fuel to a rally that has wiped out the S&P 500’s losses for the year.
In the market recovery, shares in Robinhood Markets, one of eToro’s main competitors, have gained nearly 40 per cent over the past month.
eToro’s market debut comes a day after mobile banking group Chime filed for a US IPO, as it disclosed net income of $12.9mn on revenue of $518.7mn for the first three months of 2025. In another sign of the market thaw, San Francisco-based product design software group Figma filed for an IPO in mid-April.
Aspen Insurance priced a nearly $400mn IPO last week and its shares have since gained almost 17 per cent. American Integrity Insurance Group priced a $110mn IPO last Wednesday and is up 7.4 per cent.
Goldman Sachs, Jefferies, UBS and Citigroup acted as lead book-running managers for eToro’s offering.
