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Shares of stock brokerage platform eToro popped in their Nasdaq debut on Wednesday after the company raised almost $310 million in its IPO.
The stock opened at $69.69, or 34% above its initial offering price. Shares were last up more than 40%.
The Israel-based company sold nearly 6 million shares at $52 each, above the expected range of $46 to $50. Almost 6 million additional shares were sold by existing investors. At the IPO price, the company was valued at roughly $4.2 billion.
Many investors hope that the Robinhood competitor can recharge interest in IPOs after an extended drought. Many had hoped President Donald Trump’s new term in office would usher that in. CoreWeave tested demand in March, but eToro, online lender Klarna and ticket reseller StubHub were among the companies that shelved plans as tariff uncertainty and macroeconomic worries drained investor appetite.
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