Israel-based brokerage, eToro is planning for an initial public offering (IPO) next year with a valuation of $5 billion, Calcalist reported on Monday.
The broker is eyeing a listing in New York and is already in talks with Goldman Sachs for making the arrangements for the public listing, the report outlined.
Though officially not confirmed, the Israeli company is planning to end the listing by the end of the second quarter of 2021. Additionally, Etoro is considering a possible merger with a special purpose acquisition company (SPAC) to expedite the listing process.
The report came at a time when demands for eToro’s products and services are soaring, especially with the increased retail demand since the beginning of the Coronavirus pandemic. According to the latest figures, the platform has over 15 million trades on-board.
Money Midnight has reached out for comment, “eToro does not comment on market rumors” said the spokesperson.