Robinhood is seeking a market valuation as high as $35 billion in upcoming IPO

Robinhood is seeking a market valuation as high as $35 billion in upcoming IPO

Robinhood is seeking a market valuation of as much as $35 billion in its upcoming initial public offering, according to an amended SEC filing released Monday. The stock trading app will attempt to sell its share at a range of $38 to $42 per share, according to the updated prospectus. Robinhood is looking to sell 55 million shares at that range to raise as much as $2.3 billion. Robinhood — which plans to trade under the symbol "HOOD" on the Nasdaq — also updated several of its financial and user metrics in the amended filing. The company estimates it has 22.5 million funded accounts (those tied to a bank account), up from 18 million in the first quarter of 2021. The Menlo Park, California-based free-trading pioneer estimates second quarter 2021 revenue between $546 million and $574 million. This would be an 129% increase in revenue from the $244 million made in the second quarter of 2020. The company generated $522 million in revenue in the first quarter if 2021. Robinhood's last private market valuation was $11.7 billion, raised last September. Goldman Sachs, Citigroup and JPMorgan are the lead underwriters on the deal, among other banks. Robinhood's longstanding mission is to