Etoro has formally submitted a registration statement with the US Securities and Exchange Commission (SEC), and has made an important step towards a long-standing early public offering (IPO).
The company plans to list Class A common stock of NASDAQ Global Select Market under the ticker symbol “ETOR.” However, important details such as the number of shares and pricing range remain undisclosed.
The completion of the recruitment depends on market conditions and regulatory approval. “Offices are subject to market conditions and we cannot guarantee whether or when the offer is completed, or when it will be completed, or the actual size or other conditions of the offer,” the company said.
Movement towards the open market
By submitting a registration statement on Form F-1, Etoro has launched the necessary process to bring the shares to the public market. The company is recruiting major financial institutions to manage the offering.
Goldman Sachs, Jeffries, UBS and Citigroup are lead book runners, while Deutsche Bank Securities, Bofa Securities, Kanter and several others act as additional book running managers and co-managers.
The final terms of the offer are reportedly dependent on the market situation and the SEC review process. The move to public Etoro has come at a time of mixed market conditions, with recent IPOs facing various levels of success.
Market Situation and Regulatory Review
We need to navigate regulatory hurdles and investor sentiment to ensure a smooth transition to the open market. The SEC review process is an important part of the IPO timeline. The company has made it clear that it will not be able to sell securities until the registration statement is in effect.
Expect continuous updates as this story evolves.
