The eToro IPO roadshow is, well, hitting the road.

Following our report from earlier today that Israel based online broker eToro was likely to restart its IPO process after postponing its about-to-start IPO roadshow in early April, eToro has filed an update to its F-1 registration statement (i.e., its IPO preliminary prospectus) and issued a press release stating that it has launched the roadshow.

eToro IPO offering details

According to the filing, eToro will be offering 10 million shares in its IPO, at a target price range of between $46 and $50 – meaning a total offering size of between $460-500 million.

Half of the shares offered (i.e. 5 million shares) are newly issued shares from the company, and half are from selling shareholders including Spark Capital, BRM Group (the Barkat family investment firm), Andalusian, CM Equities, CEO Yoni Assia and his brother Ronen Assia, and director Eddy Shalev. So, if the offering proceeds as planned eToro will receive about $230-250 million in new capital in the deal, or about half of the total offering size.

The eToro IPO is being managed by a group of investment banks led by Goldman Sachs, Jefferies (which interestingly owns eToro rival FXCM), UBS, and Citi.

eToro IPO valuation

The filing indicated that post transaction, eToro will have 80.873 million shares outstanding, meaning a post-dela value of between $3.7-4.0 billion. The pre-deal valuation is set at $3.5-3.8 billion.

Note that eToro’s capital structure is divided between Class A and Class B shares, with 44.390 million Class A shares outstanding (includes the 5 million new Class A shares to be sold in the IPO), and 36.483 million Class B shares, for a total of 80.873 million shares.

eToro financials

Also interesting in the updated IPO prospectus is what wasn’t there – eToro’s Q1 2025 results. eToro stated in the updated filing that its financial results for the three months ended March 31, 2025 are not yet finalized. However, eToro did provide certain estimated preliminary unaudited financial results and other data for Q1 2025, noting that actual results may vary from the estimated preliminary results presented.

• Funded Accounts – eToro expect Funded Accounts as of March 31, 2025 to be approximately 3.58 million, up from 3.48 million as at year-end 2024.
• Assets under Administration – eToro expects Assets under Administration as of March 31, 2025 to be $14.8 billion, down 11% from $16.6 billion as at year-end 2024. Assets under Administration represents both assets and cash held within users’ Funded Accounts.
• EBITDA – eToro provided a Q1 range of $76-80 million for Q1. EBITDA was $304 million in 2024, or an average of $76 million quarterly.
• Net income – eToro provided a Q1 range of $56-60 million for Q1. That would be a slight decline from $60.4 million in Q4 2024.