eToro stock market debut
Digest more
Shares of eToro ( ETOR 30.96%) are soaring in their trading debut on Wednesday. The stock and crypto trading platform's shares surged 28.2% as of 2:20 p.m. ET after opening at $69.69, which was 34% above its initial public offering (IPO) price of $52. The impressive debut comes as the S&P 500 was flat while the Nasdaq Composite gained 0.5%.
With shares surging to $67 and a market capitalization of $5.4 billion, eToro has made a splashy entrance into the public markets. But should you pick it over Robinhood?
Toro (ETOR) shares surged 32% in their first day of trading on the Nasdaq after the Israeli stock and crypto trading app raised some $310M in an initial public offering that priced above its expectations.
The team behind eToro has eyed public markets before but opted not to pull the trigger. It was slated to go public through a special-purpose acquisition company (SPAC) in 2022, which would have valued the business at $10.4 billion. The deal fell apart amid more government scrutiny on the once-popular SPAC IPO process.