Robinhood sees valuation of up to $35 billion as public co.
NEW YORK (AP) - Robinhood, the online brokerage that found itself embroiled in this year's meme stock phenomenon, will seek to go public with a market valuation of up to $35 billion.
The company said in a regulatory filing on Monday that it wanted to price the 55 million shares in its initial public offering in a range of $38 to $42 per share. It could raise approximately $2.3 billion if shares are sold at the high end of the range.
Robinhood´s IPO will give investors a chance to own part of a fast-growing company that has rocked the traditionally staid brokerage business. Since its launch in 2014, Robinhood´s popularity has forced rivals to get rid of commissions and to offer apps that make trading easy and maybe even fun.
The California company will list on the Nasdaq under the "HOOD" ticker symbol.
FILE - This Dec. 17, 2020 photo shows the logo for the Robinhood app on a smartphone in New York. The company revealed on Thursday, July 1, 2021 a revenue surge in a filing with the Securities and Exchange Commission, as it prepares to sell its own stock on the Nasdaq for the first time. It plans to trade under the symbol HOOD. (AP Photo/Patrick Sison)
