Stock trading app eToro pops 29% 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 initial public offering. The stock opened at $69.69, or 34% above its IPO. Shares closed up nearly 29% at $67 a share, bringing its total market capitalization to more than $5.4 billion. The Israel-based company sold nearly six million shares at $52 each, above the expected range of $46 to $50. Almost six 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. "We felt that we're seeing the light at the end of the tunnel of the correction in the markets," CEO Yoni Assia said of eToro's decision to go public in an interview with ... Read full article.