US trading app Robinhood aims for $35bn valuation in IPO
- Date: 19-Jul-2021
- Source: The Guardian
- Sector:Financial Markets
- Country:Middle East
US trading app Robinhood aims for $35bn valuation in IPO
Robinhood, the US trading app at the centre of the buzz surrounding meme stocks such as GameStop and the cinema company AMC, and cryptocurrencies such as dogecoin, is hoping to float on the New York stock market at a valuation of up to $35bn.
The online brokerage, which states its mission is to “democratise” investing, revealed the details of its initial public offering plans in a stock market filing on Monday, setting the stage for one of the most highly anticipated IPOs of the year.
The flotation comes after the app experienced a huge increase in young people joining the platform and starting to trade shares during the coronavirus pandemic, often buying meme stocks such as GameStop.
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