PANews reported on January 16 that according to the Financial Times, retail trading platform eToro has submitted confidential documents to US regulators, taking an important step towards an initial public offering (IPO) in New York this year. The IPO may value the company at more than US$5 billion.
The group has filed confidential documents for an IPO with the U.S. Securities and Exchange Commission (SEC), according to people familiar with the matter. It could go public in New York as early as the second quarter of this year, one of the people added. A person familiar with the listing plans said the company could be valued at more than $5 billion in the upcoming IPO. Banks including Goldman Sachs, Jefferies and UBS are working with the company on plans, the people said.
Yoni Assia, CEO and founder of eToro, said last year that listing in the U.S. would allow the company to reach a wider group of investors than in the U.K. The company, founded in 2007, allows clients to trade assets such as stocks and cryptocurrencies. It manages $11.3 billion in client assets across 3 million accounts, the Financial Times reported last March.
