Shares of the trading app eToro Group soared 29% on Wednesday after pricing at a higher-than-expected $52. eToro’s impressive debut, which many market watchers viewed as a critical test in a fragile IPO climate, is a promising sign for other companies planning to go public in coming months
Earlier Wednesday, eToro’s stock opened at $69.69, and then hit a high of $74.28—an increase of around 43% from its listing price—before giving back some of those gains. eToro, which has 98.7 million fully diluted shares, closed Wednesday at $67, up about 29%. This translates to a valuation for eToro of $6.6 billion.
Founded in 2007, eToro offers a platform for customers to trade assets, including crypto, similar to U.S.-based trading platform Robinhood.
A good performance by eToro Wednesday could help open the door to the IPO market, which has been largely dormant since 2021. That year a record 397 companies went public but most of the “Class of 2021” has performed badly in the after market with only 17.4% trading above their IPO offer prices, according to Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.
Chime was unprofitable in 2024. Losses narrowed to $25.3 million in fiscal 2024 from $203.2 million in 2023, according to a regulatory filing. But on a quarterly basis, Chime was profitable, reporting $12.9 million for the quarter ended March 31, compared to $15.9 million net income for the same time period in 2024.
