CFD and stocks broker eToro confirmed it is working with Goldman Sachs on an IPO in the New Year. The timing is likely to be around the second quarter of the year. According to Bloomberg, eToro wants to target a valuation in excess of USD 3.5bn, a figure it was valued at during a private funding round in 2025.
However sources within the Israeli financial services community are saying that eToro is likely to see a valuation of a lot less than that, with USD 1.7bn being touted around. This despite a recent surge in retail trading volumes on the back of the Mag 7 mania in US stocks.
This is not eToro’s first rodeo with Wall Street: the broker tried to go public in 2021 using a SPAC (Fintech Acquisition Corp V). This was at an initial valuation of $10bn. This was later trimmed to $8bn before the listing finally fell through in 2022 as geopolitical concerns torpedoed the US listing market.
eToro is obviously seeking to take advantage of the bullish sentiment in the US market, which is driving up volumes with many North American retail brokers. Shares in eToro’s competitors – e.g. Plus 500 – have also been doing well, leading to a belief that there would be an appetite for the stock this time around.
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Jinxin Technology trims New York ADS issue to $4, raises $5m
Jinxin Technology was forced to trim its listing of ADS securities on the New York Stock Exchange last week. The company, which makes digital textbooks and educational content for Chinese schoolchildren, managed to raise USD 5m with an offering of 1.3m ADS at $4. This was considered to be at the low end of the offer range by brokers.
The IPO float in New York was for only 2% of the shares outstanding from Jinxin Technology. The company had originally been touting the issue at $5.
Jinxin Technology works with publishers of school textbooks in China to deliver digitalised versions of the mainstream syllabus for primary and middle schools. It is also creating self-learning content and leisure reading materials of its own.
Jinxin distributes through its learning app, called Namibox. It also collaborates with third party distributors and sends content to other devices beyond the Namibox ecosystem.
Quantum computing pure play to IPO in Korea in 2025
SDT, the Korean quantum technology venture, has completed a KRW 20bn ($14m) pre-IPO investment round with a number of large Korean investors committing funds. The investment round comes in the wake of an earlier successful $7m round which was led by Shinhan Venture Investment this August.
SDT said it is accelerating towards a projected IPO in the second half of 2025. This has the potential to be a red hot listing in Korea, as it will be the first pure play quantum technology stock to hit the Korean market.
SDT owns a wide portfolio of intellectual property including in cutting edge areas like neutral atoms, ion traps and quantum control equipment. It also has a number of valuable strategic partnerships, among them Anyon Technologies in Singapore, with which it is working on the development of superconducting quantum computers.
SDT says it will be using the new funds to establish the first commercial quantum computing manufacturing centre in Korea as well as a quantum computing data centre to support the roll-out of cloud services in the country.
