Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.</li>
<li>Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  </li>
<li>EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.</li>
</ul>


EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.
Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  
EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.


EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

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

<ul>
<li>As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.</li>
<li>As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.</li>
<li>In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies. </li>
</ul>


As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies. 


EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. </li>
<li>The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. </li>
<li>Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   </li>
</ul>


Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   


Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

<ul>
<li>Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.</li>
<li>The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. </li>
<li>The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. </li>
</ul>


Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. 
The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. 


Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

<ul>
<li>Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.</li>
<li>Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.</li>
<li>The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. </li>
</ul>


Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.
Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.
The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. 


MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

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 IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Israeli eToro, a multi-asset trading platform with focus on social investing, filed to go public in the U.S. The trading-app provider plans to...

Andrei Zakharov

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

IPO Boutique

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

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EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Israeli eToro, a multi-asset trading platform with focus on social investing, filed to go public in the U.S. The trading-app provider plans to...

Andrei Zakharov

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

​eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

IPO Boutique

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

​Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

​Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

​Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...