Etoro was released on Wednesday in the key test for the IPO market, Plans Commercial Companies for a price between $ 46 and 50

The biggest test of the IPO market year will occur this week when the EORTO retail sales group opens for the negotiation on Wednesday. Etoro’s offer is oversized, according to sources, who requested not to be identified as they were not authorized to speak publicly. IPO is scheduled to be pronounced on Tuesday later with the company offering 10 million shares to a price range of $ 46 to $ 50 each, according to a Regulatory presentation.

Etoro’s actions are posed on Wednesday Nasdaq Under the symbol of ticker. At $ 50 per action, Etoro’s rating could reach $ 4 billion. Black He is interested in buying up to $ 100 million at class actions at the IPO price, he said the presentation. Goldman Sachs, Jefferies, UBS Investment Bank and Cytigroup They are the main subscribers of the agreement.

A spokeswoman for Etoro refused to comment on the quiet period of the IPO.

The List of Etoro arrives at a fundamental time for the IPO market, which has been largely latent since 2021 when a record of 397 companies became public. But this “class of 2021” has largely had a malfunction in the wide market with only 17.4% negotiation above its IPO offer, according to Renaissance Capital, a pre-IPO and ETF research provider focused on the IPO.

Although Etoro works well, it is likely not enough to return to investors at the OIP, said Matt Kennedy, a Renaissance IPO market strategist. “The IPO market does not reign for only one or two offers. We will have to see several prices and successfully negotiate,” Kennedy said Fortune. Stated Hinge healthA digital health company that is scheduled to market next week, and other candidates such as the television advertising software provider MntnAn insurance firm and crypto specializing entry Enclose they have been presented, but they still have to move forward with their processes.

“A successful IPO of Etoro travels a long way, but we will have to see -more for a significant collection this summer,” said Kennedy.

Who makes money on Etoro?

Etoro has had an unpleasant walk in public capital markets. The commercial firm was one of several companies that call To merge with a special purpose acquisition company by 2021, but the dry was never signed from the agreement and by 2022 Etoro finished pull the transaction. Early this year, Etoro, along with other companies like Klarna and Stubhub, went to the court to make public, but they had to make their agreement pause In April, after President Donald Trump unveiled his “liberation day” tariffs, which led to a significant misfortune in the broad market.

Founded in 2007, ETORO offers a platform for customers to trade assets, including Crypto, similar to the United States -based trade platform Robinhood.

Etoro is profitable, which reported $ 192.38 million in net income for the year ended on December 31, to $ 15.25 million by 2023. Quarterly, the company recorded a $ 59.1 million benefit for the quarter ended on December 31, compared to $ 16 million for the benefit of the same period of time by 2023.

Total income jumped to $ 12.6 billion by 2024 from $ 3.89 billion by 2023.

Of the 10 million actions offered on the IPO, 5 million come from the EORTO, while the rest will come from existing shareholders. Includes Yoni Assia, CEO of Etoro and co -founder, who downloads 549,635 class A shares and will see that its voting power will drop to 9.34% after the offer. At $ 50 per action, Assia could get up to $ 27.5 million from sale. Ronen Assia, Yoni’s brother and an Etoro co -founder sells 254,901 shares, which means that he could do up to $ 12.7 million, while his voting power will drop to 3.42% after IPO.

Spark Capital, the risk firm that door The Etoro $ 15 million round in 2012 is currently Etoro’s largest participation. Spark offers 670,257 shares and could win $ 33.5 million with IPO. Your voting power is expected to drop up to almost 14% after the offer.

BRM Group, a risk company of Tel Aviv, Israel and Andalusian SPV, Jeffrey Kaplan’s investment signature, also offer actions. (Kaplan is the former Appaloosa Management Coverage Fund.) BRM sells 419,518 class A shares, which means that they could obtain about $ 21 million, while their voting power is reduced to 8.71%. Andalusian could win about $ 31 million from the sale of 618,999 shares, while its voting power will fall to 8.44%.

This story originally presented to Fortune.com

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