Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<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

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> recently became eligible for addition to S&amp;P500 following the company's <a href="https://ir.doordash.com/news/news-details/2025/DoorDash-Releases-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx" target="_blank" rel="noopener">positive earnings announcement</a> on 11 February 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a>, and <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> are the main addition by transition candidates. APP is number one due to significant long-term mcap score.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is the main addition by migration candidate and the expected addition by replacement if <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One's</a> acquisition is completed prior to the March review.</li>
</ul>



DoorDash (DASH US) recently became eligible for addition to S&amp;P500 following the company's positive earnings announcement on 11 February 2025.

AppLovin (APP US), DoorDash (DASH US), and Coinbase Global (COIN US) are the main addition by transition candidates. APP is number one due to significant long-term mcap score.

Williams Sonoma (WSM US) is the main addition by migration candidate and the expected addition by replacement if Capital One's acquisition is completed prior to the March review.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 4 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> was newly eligible after meeting the profitability criterion, while <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> and <a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> were overlooked again.</li>
<li>There will be more same-way flow for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and deletes from the Select Sector index trackers.</li>
</ul>


There are 4 changes for the S&amp;P 500 INDEX, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.

DoorDash (DASH US) was newly eligible after meeting the profitability criterion, while AppLovin (APP US), Coinbase Global (COIN US) and Interactive Brokers Group, Inc (IBKR US) were overlooked again.
There will be more same-way flow for the S&amp;P 500 INDEX (SPX INDEX) adds and deletes from the Select Sector index trackers.


S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Mirae Asset Securities / Equity Bottom-Up

<ul>
<li>It has been reported in numerous local media outlets that WeBull is discussing with the local financial authorities to enter the Korean retail stock brokerage market.</li>
<li>If the Korean financial authorities provide a license to WeBull to directly provide stock brokerage services to the Korean retail market, this would be the first case ever.</li>
<li>If FSC grants a full license to WeBull to operate stock brokerage services to retail investors in Korea, this could result in the local brokerages losing market shares to WeBull</li>
</ul>


It has been reported in numerous local media outlets that WeBull is discussing with the local financial authorities to enter the Korean retail stock brokerage market.
If the Korean financial authorities provide a license to WeBull to directly provide stock brokerage services to the Korean retail market, this would be the first case ever.
If FSC grants a full license to WeBull to operate stock brokerage services to retail investors in Korea, this could result in the local brokerages losing market shares to WeBull


WeBull In Discussions With Financial Authorities to Enter the Korean Retail Stock Brokerage Market

CEO, Rock and Turner

James Emanuel

Rock and Turner

investment advisory company Rock and Turner.

Investment Advisory Company

<ul>
<li>FY20 numbers: Revenue +146%, EBITDA +168%, ROE 119%, new customers +322%, zero long term debt. This exceptional hidden gem of a company is trading at only 3.8x earnings.</li>
<li>"If the value of a company doesn't scream at you, then drop the investment idea and move on to something else", Warren Buffett.</li>
<li>This company is screaming value so loudly that it's deafening.</li>
<li>Far better than its competitors such as Interactive Brokers.</li>
<li>Allow me to introduce you to this opportunity.</li>
</ul>


FY20 numbers: Revenue +146%, EBITDA +168%, ROE 119%, new customers +322%, zero long term debt. This exceptional hidden gem of a company is trading at only 3.8x earnings.
"If the value of a company doesn't scream at you, then drop the investment idea and move on to something else", Warren Buffett.
This company is screaming value so loudly that it's deafening.
Far better than its competitors such as Interactive Brokers.
Allow me to introduce you to this opportunity.


United States

Interactive Brokers Group, Inc. is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in securities, futures, and foreign exchange instruments.

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Interactive Brokers Group, Inc (IBKR US)

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S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

There are many changes for the SnP500/400/600 indices in March. The index committee has overlooked high vol stocks. There will be more same-way...

Brian Freitas

WeBull In Discussions With Financial Authorities to Enter the Korean Retail Stock Brokerage Market

If the Korean financial authorities provide a license to WeBull to directly provide stock brokerage services to the Korean retail market, this...

Douglas Kim

Enhance Your Portfolio By Plus500

FY20 numbers: Revenue +146%, EBITDA +168%, ROE 119%, new customers +322%, zero long term debt. This exceptional hidden gem of a company is trading...

James Emanuel

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