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Stocks on the retail trading platform surged with the company’s Wall Street debut as investors’ optimism was sparked by the elimination of trade tensions between China and the US spread to new listing markets.
Etro also rose 42.8% to $74.28 on Wednesday afternoon following the first public offer at the precious NASDAQ of less than $6 billion. The rise comes after an upward float that raised nearly $620 million, with 11.9 million shares being offered to investors at $100 million, $52.
Founded in 2007 and with its largest market in the UK, the company initially planned to sell 100,000 shares for $46 to $50. The list is backed by BlackRock, who acts as a cornerstone investor and, according to previous filings, has expressed interest in purchasing up to $100 million in stock in the offering.
Wednesday’s trading comes as the broader US IPO market shows signs of thawing following an overwhelming start to the year. The bankers were hoping for a quick revival of large-scale new offerings in the early stages of Donald Trump’s second term as president.
The market turbulence caused by his drastic tariff announcement in early April caused stocks to fall and delay bankers some highly anticipated technology floats. Among the well-known victims amid the market shaking following the announcement of Trump’s “liberation day” tariffs on April 2 were Sweden’s “buy now, pay later” group Klarna and ticket company Stubhub.
Throughout much of the month, subsequent changes to Trump’s initial levy plan sparked a wave of volatility caused by the subsequent changes.
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However, US stocks have skyrocketed over the past few weeks. Over the weekend, they signed a contract between the US and China to reduce the trade war, adding more fuel to the rally that wiped out the losses of the S&P 500 that year.
In the market recovery, shares in one of Etoro’s major competitors, Robinhood Markets, have earned nearly 40% over the past month.
Etoro’s market debut came the day after Mobile Banking Group Chime filed for a US IPO as it disclosed its net profit of $12.9 million with revenue of $518.7 million for the first three months of 2025.
Aspen Insurance priced an IPO of nearly $400 million last week, with its shares winning nearly 17%. American Integrity Insurance Group priced an IPO of $110 million last Wednesday, up 7.4%.
Goldman Sachs, Jeffries, UBS and Citigroup served as leadbook running managers on the offering of Etro.
