Robinhood Is Said to Have Filed Confidentially for U.S. IPO

(Bloomberg) -- Robinhood Markets Inc., the popular trading app, has filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission, according to people familiar with the matter.

Robinhood is moving forward with its IPO although its listing plans could change, said the people, who asked to not be identified because the matter isn’t public.

Bloomberg News previously reported that Robinhood was planning to file for an IPO this month. The company has selected Nasdaq as the venue for its listing, people familiar with the matter have said.

A representative for Robinhood, based in Menlo Park, California, declined to comment.

Robinhood became immensely popular during the coronavirus pandemic, particularly as homebound young people turned to online trading to pass the time and make money.

That increased popularity has led to scrutiny from politicians and regulators, who are focused on the so-called gamification of trading and the company’s role at the center of the meme-stock frenzy. Robinhood also had to raise billions of dollars from its backers to comply with a request from the industry’s clearinghouse.

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