eToro Group Ltd said today (Monday) it is targeting a valuation of up to $4 billion in its initial public offering in the United States, as the retail trading platform finally moves ahead with its long-awaited New York flotation plans. eToro Group Ltd has started the roadshow for its planned initial public offering. The company aims to list 10 million Class A common shares. Half of these shares will be offered by eToro. The other half will be sold by existing shareholders.

eToro Offers 10 Million Shares IPO

The IPO price is expected to be between $46 and $50 per share. eToro has applied to list its shares on the Nasdaq Global Select Market. The proposed ticker symbol is “ETOR.”The company plans to give underwriters a 30-day option to purchase up to 1.5 million additional shares. This would be to cover any over-allotments.

Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup are leading the offering. Other banks involved include Deutsche Bank, Bank of America, and TD Securities. A number of co-managers are also listed.

The offering will only be made through a prospectus. A registration statement has been filed with the U.S. Securities and Exchange Commission. However, it has not yet been declared effective.

No shares may be sold before the registration becomes effective. The announcement is not an offer to sell or a request to buy the shares in any region where it would be unlawful. The IPO depends on market conditions and regulatory approval.