menu

Homepage > News > eToro confirms plans to go public

eToro confirms plans to go public


EToro confirmed on Tuesday that it would merge with the special purpose vehicle FinTech Acquisition V Corp. and with its help will debut on the Nasdaq stock exchange. The company’s confirmation came after many media reports that had announced its stock exchange debut for several months.

The combined companies will operate under the name eToro Group Ltd with estimated equity of approximately $10.4 billion. This value is in line with previous reports. Based on this, eToro is valued at approximately $ 9.6 billion. The official announcement announced that $650 million will be raised from a private issue of shares, and another USD 250 million from the FinTech V trust fund. Private investors, including ION Investment, Softbank and Fidelity, will receive shares at a price of $10 per share. Current eToro investors will own 91% of the company created through the merger with the special purpose vehicle.

SPVs are becoming more and more popular

Both companies’ boards of directors have approved the deal, but it is still pending shareholder approval and is expected to be finally approved in the third quarter of 2021. Commenting on this important step, eToro Co-Founder and CEO Yoni Assia said it is a significant step in eToro’s history. He also expressed his gratitude to all eToro team members for the passion, hard work, motivation and determination they have put into running the company over the past 14 years.

SPVs, also known as SPAC (Special Purpose Acquisition Company), have gained a lot of popularity recently as many companies are looking for an easier way to go public rather than the traditional IPO process. Thanks to the merger with SPAC companies, such brands as SoFi and Payoneer debuted on the stock exchange. Bakkt, the cryptocurrency arm of the Intercontinental Exchange (ICE), has similar plans.

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.



Ad:
exante baner

Last news:

xtb broker

XTB MENA receives the DFSA license

X-Trade Brokers, better known as XTB, has obtained a third-class license from the Dubai Financial ...
Read More
Cypriot financial regulator cysec

CySEC suspends the license of the parent company of the FXGM broker

The Cyprus Securities and Exchange Commission (CySEC) suspended the license of the investment company Depaho ...
Read More
the Chinese province will test the common welfare policy, i.e. redistribution of income

Will Chinese stocks disappear from the US stock markets?

W obliczu nowych regulacji związanych z audytami spółek zagranicznych notowanych na giełdach w USA, Chiny ...
Read More
SCAM Alert

Watch out for: “to recover funds, transfer us 10%”

Fake Forex brokers and their partners have developed another tactic for extorting client funds. It ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *

 

Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top