In recent years, the largest IPOs by Israeli companies have been on sale. Online trading platform Etro Announced the launch of the Flotation Roadshow and applied it to Nasdaq trading under ticker ETOR. The company is seeking to raise $230 million ($228 million) at $46-50 per share, giving it a valuation of $3.7 billion to $4.1 billion. Investment company BlackRock is the anchor investor for the offering and is expected to buy the stock for $100 million. Goldman Sachs & Co. LLC, Jefferies, UBS Investment Bank and Citigroup are leadbook running managers for proposed offerings along with a long list of co-managers.
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Etro had planned to hold the IPO in March, but postponed the recruitment after President Trump’s tariff plans caused volatility in the market. Recently, the market has calmed down and recovered most of its losses.
Founded in 2007 by CEOs Yoni Assia, Ronen Assia and David Ring, Etoro has developed a trading platform for investors of assets ranging from stocks and indexes to commodities and cryptocurrencies. The company tried to make public through a SPAC merger in 2021 with a $10.4 billion company valuation, but was forced to cancel the transaction, even after cutting the valuation to $8.8 billion. Etoro is currently setting the largest IPO for Israeli companies since Advanced Driving Assistant Systems (ADAS) Company Mobileye Global Inc (NASDAQ: MBLY) End of 2022.
Nir Barkat benefits big time
One of the biggest beneficiaries of the offering is Minister of Economic and Industrial Industry NIR Barkat. The BRM group, owned by Barkat Brothers and its partner Yuval Rechavi, holds around 9% of Etoro and is expected to reduce its shares to 8.7%. BRM receives approximately $20 million (center of the requested price range) for the stock.
Other shareholders expected to sell stocks in the offering include US venture capital fund Spark Capital. The Spark Capital will sell its shares for around $32 million and cut Etoro’s shares to 13.9%. US investment company Andalusian SPV sells its shares for around $30 million and remains at 8.4%, while CM Shares SP sells for around $15 million and remains at 6.3%. Assia Brothers is also expected to sell their shares. YoniAssia will sell $26 million worth of shares, while Ronen Assia will sell $12 million worth of shares. Directors Eddy Shalev and Avner Stepak will sell their shares for approximately $5.8 million and $409,000, respectively.
Published by Globes, Israel Business News – En.globes.co.il – May 5, 2025.
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