Global online broker eToro Group Ltd (NASDAQ: ETOR ) surged in its IPO debut Wednesday.  Shares opened at $69.69 after pricing at $52.  The stock last traded at $72.25, up about 39%.

Overnight, the company priced its upsized IPO of 11,923,018 common shares, up from 10 million, at $52, which was above the expected $46-$50 range.

The company and selling shareholders raised $620 million in the deal.

The company sold 5,961,509 shares in the offering, and selling shareholders, including CEO and founder Yoni Assia, are selling the other 5,961,509  shares.

The offering is being led by Goldman Sachs, Jefferies, UBS and Citigroup (NYSE: C ).  The underwriters have been granted an option to purchase up to an additional 1.79 million shares.

Cornerstone investor Blackrock (NYSE: BLK ), Inc. has indicated an interest in purchasing up to an aggregate of $100 million class A common shares in the IPO.

As many as 82.37 million Class A and Class B shares will be outstanding immediately following the offering, suggesting a total valuation of nearly $6 billion based on the current price level.

Founded in 2007, eToro boasted over 3.5 million funded accounts in 75 countries as of the end of 2024.

eToro has been pioneer in the crypto space. The company was among the first EU-regulated brokers to offer Bitcoin . Further, CEO Assia, co-authored the Colored Coins white paper with Ethereum creator Vitalik Buterin—one of the earliest protocols for asset tokenization on Bitcoin.

Net contribution was $787 million in 2024, up 41% from the prior year.  Total commission for the year was up 46% to $931 million.  Net income for 2024 surged 1,161% to $192 million.