eToro, an Israeli retail trading company, is reportedly shunning the London Stock Exchange to chase a US Initial Public Offering (IPO).
People familiar with this matter have told The Financial Times that even though the United Kingdom is its biggest market, the cryptocurrency-friendly platform had filed confidential documents with the U.S. Securities and Exchange Commission.
The filing of confidential documents allows firms to continue their planning without having to reveal them until the plans are complete.
Reports also state that eToro wants to be evaluated for $5 billion and may launch in New York as early as the second quarter of this year.
Yoni Aassia, the founder and chief executive of eToro, told The Financial Times in 2013 that the US rather than the UK would give the company more access to investors.
Very few of our clients in the world would ever trade UK shares. The US market provides a large pool of liquidity for assets trading on the US .”
eToro launched in 2007 and had attempted to become public by 2021 with a deal worth $10.4 billion. The Special Purpose Acquisition Company, or SPAC was the company that made the offer. However, the plan ended up being canceled after SPACs collapsed.
In 2023, eToro’s valuation was $3.5 billion following a round of funding where it raised $250 million in investment from the Tokyo asset management company SoftBank as well as market data firm Ion Group.
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The report Crypto-Friendly Retail Trading Platform eToro files for IPO in the US Stock Market may change as new information becomes available.
