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”

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

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

SmartStop Self Storage REIT / Equity Capital Markets

<ul>
<li>SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.</li>
<li>The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.</li>
<li>A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.</li>
</ul>


SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.
The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.
A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.


SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>eToro reached $931M revenue in 2024, up 46% YoY, after a flat year in 2023.</li><li>Earlier this year, eToro filed its F-1, targeting a Q2 2025 IPO at a $5B valuation.</li><li>eToro is building a WhatsApp-like global social investing brokerage for the rest of the world.</li></ul>

eToro reached $931M revenue in 2024, up 46% YoY, after a flat year in 2023.Earlier this year, eToro filed its F-1, targeting a Q2 2025 IPO at a $5B valuation.eToro is building a WhatsApp-like global social investing brokerage for the rest of the world.

<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

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

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

eToro Vs Robinhood

TL;DR: Founded in Tel Aviv in 2007, eToro pioneered the social investing model with a Twitter-like feed for investing ideas and the ability to copy...

Sacra

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

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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

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

​SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

eToro Vs Robinhood

TL;DR: Founded in Tel Aviv in 2007, eToro pioneered the social investing model with a Twitter-like feed for investing ideas and the ability to copy...

Sacra

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

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

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.