Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which may trigger intra-review index changes near-term. Check the Leaderboards for those.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which may trigger intra-review index changes near-term. Check the Leaderboards for those.


[Quiddity Index May25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Still Possible

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 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

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

<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”

United States

Robinhood Markets, Inc. operates a financial services platform. The Company offers brokerage and cash management applications such as stocks, exchange-traded funds, options, and cryptocurrency. Robinhood Markets serves clients in the United States.

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Robinhood Markets (HOOD US)

[Quiddity Index May25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Still Possible

The S&P500 has a couple of possible changes at the regular rebalance and more intra-review changes after. That means S&P600 DELs. We like those...

Travis Lundy

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 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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index May25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Still Possible

The S&P500 has a couple of possible changes at the regular rebalance and more intra-review changes after. That means S&P600 DELs. We like those...

Travis Lundy

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 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

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

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...