Shares of the trading app eToro Group soared 29% on Wednesday after pricing at a higher-than-expected $52. eToro’s impressive debut, which many market watchers viewed as a critical test in a fragile IPO climate, is a promising sign for other companies planning to go public in coming months
Earlier Wednesday, eToro’s stock opened at $69.69, and then hit a high of $74.28—an increase of around 43% from its listing price—before giving back some of those gains. eToro, which has 98.7 million fully diluted shares, closed Wednesday at $67, up about 29%. This translates to a valuation for eToro of $6.6 billion.
