POELLATH advises CommerzVentures on the IPO of eToro Group
As part of the IPO, just under 12 million shares were placed at a price of USD 52 per share, generating proceeds of approximately USD 620 million for the company and existing shareholders. On the first day of trading, the share price was approximately 30% above the issue price, giving the company a valuation of approximately USD 5.5 billion. Goldman Sachs, Jefferies, UBS and Citigroup lead the underwriting syndicate. The underwriters were also granted an over-allotment (greenshoe) option for just under 1.8 million shares.
Founded in 2007 and headquartered in Israel, the company is active in over 140 countries. eToro’s trading platform offers its more than 35 million users the opportunity to trade stocks, cryptocurrencies and other financial products while copying strategies from top investors.
CommerzVentures has been a shareholder of the eToro Group since 2015. The renowned fintech investor invests in startups in the fintech and insurtech sectors in Europe, Israel and the U.S. Commerzbank AG is an investor in CommerzVentures.
POELLATH advised CommerzVentures on the IPO of the eToro Group with the following team:
- Dr. Michael Inhester (partner, lead, venture capital, Munich)
- Dr. Leonid Guggenberger (associate, co-lead, venture capital, Munich)
- Adalbert Makos (counsel, venture capital, Munich)
- Daniel Wiedmann (associated partner, antitrust, Frankfurt)
- Dr. Gerhard Schranner (associate, venture capital, Munich)
