Stock trading app eToro pops 40% in Nasdaq debut after pricing IPO above expected range

Shares of stock brokerage platform eToro popped in their Nasdaq debut on Wednesday after the company raised almost $310 million in its IPO. The stock opened at $69.69, or 34% above its IPO, pushing its market cap to $5.6 billion. Shares were last up more than 40%. The Israel-based company sold nearly 6 million shares at $52 each, above the expected range of $46 to $50. Almost 6 million additional shares were sold by existing investors. At the IPO price, the company was valued at roughly $4.2 billion. Wall Street is looking to the Robinhood competitor for signs of renewed interest in IPOs after an extended drought. Many investors saw President Donald Trump's return to the White House as a catalyst before tariff concerns led companies to delay their plans. Etoro isn't the only company attempting to test the waters. Fintech company Chime filed its prospectus with the SEC on Tuesday, while digital physical therapy company Hinge Health kickstarted its IPO roadshow, and said in a filing ... Read full article.