Robinhood aims for USD 35 bln valuation in IPO

Thursday 22 July 2021 13:30 CET | News

Robinhood, a US-based trading app, has announced it is aiming to float on the New York stock market at a valuation of up to USD 35 billion.

According to The Guardian, the flotation comes after the app experienced a huge increase in young people joining the platform and starting to trade shares during the COVID-19 pandemic, often buying meme stocks such as GameStop.

If Robinhood achieves the USD 35 billion valuation target, it will represent a threefold increase since September 2020, when the company was valued at USD 11.7 billion at a private equity fundraising. The shares are expected to be priced between USD 38 and USD 42, as the company said.

The company plans to list on the Nasdaq under the symbol ‘HOOD’. Goldman Sachs and JP Morgan are the lead underwriters for the offering.

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Keywords: trading platform, Robinhood, IPO
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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