The Big Winners of eToro IPO: Who’s Set to Gain the Most?

eToro is preparing to go public at a valuation between $3.7 billion and $4 billion. Up to $500 million worth of shares will be offered, with the company itself receiving half of that amount (before costs and fees). The remaining shares will be sold by existing shareholders—mostly close friends and family of the founders.

So, who will gain the most from the listing? Who will walk away with the biggest payout?

According to a recent F-1 filing, eToro plans to offer 10 million Class A shares at a price range of $46 to $50. Half of these shares (5 million) will be newly issued by the company, while the other half will come from existing shareholders.

Read more: eToro’s $4B IPO: Too Pricey for Europe, a Bargain in the US?

The Assia Family’s Share Sale

Yoni Assia, the eToro CEO, is set to be the biggest individual earner from the IPO. He’s offering 549,635 Class A shares, expected to bring in between $25.3 million and $27.5 million, depending on the final pricing. After the sale, he will still hold between $325.3 million and $353.5 million worth of Class A and Class B shares together.

eToro was founded in 2007 by brothers Yoni and Ronen Assia, along with David Ring. Yoni is now the CEO, Ronen serves as Executive Director, and Ring, who was the Chief Technology Officer in the company’s early years, left in 2015.

Ronen Assia will be the second largest individual beneficiary, expecting between $11.7 million and $12.7 million from his sale. He’ll continue to hold shares worth around $119.4 million. David Ring will also sell shares valued between $7.7 million and $8.3 million, keeping a remaining stake worth about $12.3 million.

In a previous secondary sale in August 2023, Yoni Assia earned around $10.9 million from selling part of his stake, while Ronen made over $12 million.

Other members of the Assia family will also gain from the IPO. David Assia, the brothers’ father and eToro’s former Chairman, will sell shares worth up to $3.2 million, reducing his stake to about $47.6 million. iAngels, a venture capital platform co-founded by Yoni’s wife Mor Assia and her partner Shelly Hod Moyal, will sell shares worth around $2.4 million and retain holdings valued at $34.5 million.

eToro board members Eddy Shalev and Avner Stepak will sell shares worth $6.1 million and $425,900, respectively. Another executive, Tuval Chomu, who became Chief Solutions Officer in 2019, will also sell shares worth up to $853,000.

Other eToro employees are expected to sell shares totalling $26.4 million. They will still hold shares worth about $13.4 million after the IPO.

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An Israeli Minister Among the Beneficiaries

Israel’s current Minister of Economy and Industry, Nir Barkat, will also benefit from the listing. The BRM Group, owned by Nir and his brother Eli Barkat, along with partner Yuval Rechavi, holds a 9% stake in eToro. The group plans to sell shares worth nearly $21 million but will retain a stake valued at more than $308 million after the sale.

Other major shareholders also plan to sell. Spark Capital, a US venture capital firm and the largest eToro shareholder, will offload around $33.5 million in shares, reducing its stake in eToro to 13.9%. US investment firm Andalusian SPV will sell shares worth about $30.9 million, keeping 8.4%. CM Equities SP will sell roughly $15.3 million in shares, leaving it with a 6.3% stake.

The law firm Hanina Brands will cash out about $4.3 million worth of shares, and still hold a remaining stake valued at around $40.6 million.