US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.</li>
<li>BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. </li>
<li>The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.</li>
</ul>


The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. 
The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.


EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

<ul>
<li>The company priced 11.9mm shares (upsized from 10.0mm) at $52.00 and opened at $69.69 for a gain of 34.0% at first trade.</li>
<li>Our sources stated that the deal finished north of 20-times oversubscribed with the bottom-third of the book being completely shut-out.</li>
<li>We believe the company was well-received due to an attractive valuation versus comps and by the performance of the comps in the sessions leading up to this debut.</li>
</ul>


The company priced 11.9mm shares (upsized from 10.0mm) at $52.00 and opened at $69.69 for a gain of 34.0% at first trade.
Our sources stated that the deal finished north of 20-times oversubscribed with the bottom-third of the book being completely shut-out.
We believe the company was well-received due to an attractive valuation versus comps and by the performance of the comps in the sessions leading up to this debut.


EToro Group Ltd (ETOR): Strong IPO Pricing Outcome Yields Explosive Debut

<ul>
<li>An early channel check of this deal revealed that the offering is multiple-times oversubscribed with continued 1-on-1 conversions. The books close Monday at 4pm.</li>
<li>The company is targeting the "next generation" of investor with encouraging growth and has the metrics to show they are meaningfully headed in the right direction. </li>
<li>Our sources state that want to be involved with the name and we believe an explosive debut could be on tap for this IPO. </li>
</ul>


An early channel check of this deal revealed that the offering is multiple-times oversubscribed with continued 1-on-1 conversions. The books close Monday at 4pm.
The company is targeting the "next generation" of investor with encouraging growth and has the metrics to show they are meaningfully headed in the right direction. 
Our sources state that want to be involved with the name and we believe an explosive debut could be on tap for this IPO. 


EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is ineligible for US indices due to its US foreign listing and undisclosed geographical breakdown of assets and revenues.</li>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is forecasted to be added to Global-F in March <em>2026</em> following the 6-month lock-up expiry which increases public voting rights and float cap above the thresholds.</li>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is forecasted to be added to Global-M in August 2025 as there is no voting rights requirement and a lower float cap threshold.</li>
</ul>



Etoro Group (ETOR US) is ineligible for US indices due to its US foreign listing and undisclosed geographical breakdown of assets and revenues.

Etoro Group (ETOR US) is forecasted to be added to Global-F in March 2026 following the 6-month lock-up expiry which increases public voting rights and float cap above the thresholds.

Etoro Group (ETOR US) is forecasted to be added to Global-M in August 2025 as there is no voting rights requirement and a lower float cap threshold.


EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.</li>
<li>At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.</li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.</li>
</ul>


EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.


EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

United States

Etoro Group Limited provides fintech solutions. The Company offers a platform that gives traders and investors access to different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. Etoro Group serves clients worldwide.

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Etoro Group (ETOR US)

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

EToro Group Ltd (ETOR): Strong IPO Pricing Outcome Yields Explosive Debut

Company prices IPO at $52 per share, opens at $69.69 with 34.0% gain. Oversubscribed deal reflects strong investor interest in attractive valuation.

IPO Boutique

EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

IPO Boutique

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...

Dimitris Ioannidis

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

​Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

EToro Group Ltd (ETOR): Strong IPO Pricing Outcome Yields Explosive Debut

​Company prices IPO at $52 per share, opens at $69.69 with 34.0% gain. Oversubscribed deal reflects strong investor interest in attractive valuation.

IPO Boutique

EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

​Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

IPO Boutique

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

​ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...

Dimitris Ioannidis

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

Company prices IPO at $52 per share, opens at $69.69 with 34.0% gain. Oversubscribed deal reflects strong investor interest in attractive valuation.

Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...