Robinhood plans to raise as much as $2.3 billion in its upcoming stock market debut

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Robinhood is aiming to raise as much as $2.3 billion in its upcoming stock market debut, the company said in a on Monday. The popular investing app said it’s offering 55 million shares priced at between $38 and $42 each during its roadshow. At the top end of that range, Robinhood could have a market valuation of $35 billion.

It plans to list on the Nasdaq under the ticker symbol “HOOD,” and is expected to go public by the end of next week. Under its new program to “democratize” IPOs, Robinhood plans to allocate 35% of its , according to the Wall Street Journal. If it hits $101.50 per share in the next four years, co-founders Vlad Tenev and Baiju Bhatt could receive up to each, according to an SEC filing from June. Robinhood, which counts 17.7 million monthly active users, holds $81 billion in assets under custody, according to its filing. It says it has 22.5 million funded accounts, or those tied to a bank account, up from 18 million in the first-quarter this year, far above the 40,000 accounts it counted in 2014. Revenue for the first-quarter of 2021 came in at $522 million, up from $128 million more...