Global trading platform eToro Group (ETOR) priced its upsized US IPO above the range to raise $620 million at a $4.9 billion market cap. eToro’s platform aims to combine a social network with the ability to trade and invest, all within a regulated, digital investment platform for financial discourse. As of December 31, 2024, eToro had approximately 3.5 million Funded Accounts across its global footprint of 75 countries. The company’s total commission grew 45% in 2024, and its net contribution grew 41%. However, it is dependent on volatile trading volumes and prices, and is subject to varying regulations, especially within the crypto space. eToro finished the week up 23%.
Singapore-based digital asset-focused financing firm Antalpha Platform Holding (ANTA) priced its US IPO at the top of the range to raise $49 million at a $329 million market cap. Antalpha provides financing, technology, and risk management solutions to the digital asset industry. The company is the primary lending partner for Bitmain and provides supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. Its revenue jumped more than three times in 2024, although it demands on volatile crypto demand and prices. It finished the week down 6%.
Singapore-based oil and gas equipment maker OMS Energy Technologies (OMSE) priced its downsized US IPO at the midpoint to raise $33 million at a $382 million market cap. The company manufactures surface wellhead systems and oil country tubular goods, primarily for onshore and offshore E&P activities. OMS has a 10-year agreement with Saudi Aramco, which accounts for a majority of the company’s revenue. It finished the week down 13%.
Autonomous delivery systems developer Arrive AI (ARAI) completed its direct listing this week. Arrive AI is developing autonomous last mile mailboxes, designed to support deliveries done by robots and drones. Arrive AI is also developing a suite of software and services for its mailboxes, including features for scheduling, space optimization, and notifications. The company is in the development stage, and has generated no revenues to date. Its finished the week down 21%.
Six SPACs listed this week. Churchill Capital X (CCCXU), founded by former Citi executive Michael Klein, raised $360 million. Wen Acquisition (WENNU) raised $261 million to target fintech and blockchain. Cohen & Company-backed Columbus Circle Capital I (CCCMU) raised $220 million. Renatus Tactical Acquisition (RTACU), led by the former CEO of Digital World Acquisition, raised $210 million to target tech. Perimeter Acquisition I (PMTRU) raised $210 million to target defense and national security. Thayer Venture Acquisition II (TVAIU), the second blank check company formed by Thayer Ventures, raised $175 million to target travel and transportation.
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