The 2025 Israeli IPO Cycle: eToro, Navan, Via, and the Public-Markets Reopening
The Israeli public-markets window reopened in 2025. eToro, Navan, and Via cleared on Nasdaq. Wix and Check Point ran the convertible-bond track. Combined public-market contribution: roughly $10.3 billion. The differentiated outcomes, the dual-listing precedent, and the 2026 pipeline.
The Israeli public-markets window reopened in 2025.
After two years of effectively closed public listings, three Israeli technology companies completed IPOs in calendar 2025: Via, eToro, and Navan. Two more — Wix and Check Point — raised through the convertible-bond track. Combined, per Startup Nation Central data, public-market activity contributed roughly $10.3 billion to Israeli companies during the year.
eToro: the May benchmark
Per Ynet, eToro priced its IPO above the marketed range and debuted on Nasdaq on May 14, 2025 at a $4.3 billion valuation. The stock surged nearly 29% on its first trading day, briefly clearing $5.5 billion. The total offering, including the greenshoe option, raised $712 million. Lead underwriters were Goldman Sachs and Jefferies, with syndicate participation from UBS, Deutsche Bank, Citi, and Bank of America.
Per the eToro prospectus reviewed by Times of Israel, the company posted $192 million in net profit on $931 million in trading commissions in 2024, with growth concentrated in cryptocurrency trading. As of end-2024, the platform held 3.5 million active funded accounts across 75 countries.
Navan: the October benchmark
Per Calcalist and Reuters, Navan — originally founded in Israel as TripActions and now headquartered in Palo Alto with a major Israeli development center — listed on Nasdaq under ticker NAVN on October 30, 2025. The offering raised $923 million; the implied market capitalization was $6.21 billion.
The reception was uneven. The stock dropped 20% on its first trading day, partially attributable to US government shutdown timing complications under the SEC's special listing exemption. Per the Navan filings, the company entered the IPO with $657 million in debt against $223 million in cash, and net losses of $100 million in H1 2025 against $329 million in revenue.
Via: the third listing
Per Calcalist, Via — the transit and mobility platform — was the first of the three Israeli companies to complete a 2025 listing, ahead of both eToro and Navan. Public sources are less consistent on Via's offering structure than on the other two; primary investor materials should be the verification source for any subsequent coverage.
The convertible-bond track
Wix and Check Point ran a parallel financing path. Per Startup Nation Central, both raised through convertible bond offerings during 2025. For Check Point, the offering was the company's first capital raise since its IPO three decades earlier. The combined contribution to Israeli companies through the convertible-bond track materially expanded the public-market capital flow beyond the IPO total.
What it signals
Per Calcalist's coverage of the Navan listing, 2025 was the strongest year for IPOs since 2021, with 156 IPOs raising $30 billion globally — a meaningful base for Israeli participation.
Three patterns emerge.
First — the listings were highly differentiated. eToro succeeded as a fintech with crypto-driven growth. Navan struggled at debut. Via cleared, but with smaller market visibility. The three outcomes do not amount to a single thesis.
Second — convertibles complement IPOs. Wix and Check Point demonstrated that mature public Israeli companies can raise meaningful capital outside dilutive equity offerings.
Third — the dual-listing precedent strengthens. Per Palo Alto Networks investor releases, PANW's planned secondary TASE listing under ticker "CYBR" — concurrent with continued Nasdaq trading — extends a model that may apply to additional 2026 candidates.
The 2026 pipeline
Per Globes and Calcalist, multiple Israeli companies are in active IPO preparation. Armis is reportedly evaluating either a public listing or an acquisition by ServiceNow at up to $7 billion. XTEND is pursuing a Nasdaq IPO at a reported $1.5 billion valuation. Several mid-cap cyber and AI companies are in pre-IPO positioning.
The window is open. The pricing remains demanding.
Source data: Times of Israel, Ynet, Calcalist, Reuters, Globes, Startup Nation Central year-end report, SEC filings, Palo Alto Networks investor releases, Bloomberg.
