EToro Group Ltd. shares rose as much as 42% in its first session as a public company, after the trading and investment platform and some of its backers raised nearly $620 million in an upsized IPO.

Toro, the Israel-based trading platform, has secured a valuation of $5.64 billion after an impressive Nasdaq debut.

Shares of eToro ( ETOR 30.96%) are soaring in their trading debut on Wednesday. The stock and crypto trading platform's shares surged 28.2% as of 2:20 p.m. ET after opening at $69.69, which was 34% above its initial public offering (IPO) price of $52. The impressive debut comes as the S&P 500 was flat while the Nasdaq Composite gained 0.5%.

EToro Group Ltd. and some of its shareholders raised nearly $620 million in an upsized US initial public offering priced above the marketed range.

The trading debut gives EToro a market value of about $US9 billion, based on the outstanding shares listed in an earlier filing.

Within the span of a few hours on Tuesday, eToro priced its IPO above its initial range and Chime filed an S-1, setting the stage for its own listing.