Israel business news site Calcalist is reporting that the upcoming eToro IPO on NASDAQ is estimated to be more than 10 times oversubscribed, with the company’s underwriters led by Goldman Sachs looking at a pricing and size boost amid soaring investor demand for the offering.

Calcalist reported that eToro is closing its IPO order books on Monday (i.e. today) due to exceptionally high demand. The underwriters have reportedly notified participants in the company’s roadshow that they will no longer be accepting new orders.

The “top of the range” in eToro’s IPO filing with the SEC made before the roadshow began indicated a $500 million offering, at a $4 billion company valuation for eToro. However the final figures might be even larger, assuming that the Calcalist report is correct.

NASDAQ’s IPO Calendar still shows a May 14 expected IPO date for eToro, i.e. Wednesday, but that might be moved up if indeed the order book is closed and wildly oversubscribed, as reported.

eToro had initially planned to head out on its IPO roadshow in early April, but those plans were curtailed following a 10%+ equity market drop after the unveiling of Donald Trump’s April 2 Liberation Day tariffs. However a remarkable market recovery, coupled with a really nice run up in the shares of key eToro “comp” Robinhood, have positioned the IPO to be priced on what look to be very favorable terms. Following an initial dip in the wake of the April 2 tariffs announcement, Robinhood (NASDAQ:HOOD) shares have traded up by a whopping 64% since closing at $34.17 on April 8, sitting now at just above $56.

Robinhood share price chart, past 6 months. Source: Google Finance.

We will continue to follow this story as it develops.