Popular investing appis seeking a market valuation of up to $35 billion in its upcoming initial public offering. In an updated filing with the US Securities and Exchange Commission on Monday, Robinhood said it plans to offer 55 million shares at a range of $38 to $42. The company could raise as much as $2.3 billion.
Robinhoodearlier this month. In its filing, the company revealed that it was profitable last year, generating net income of $7.45 million on net revenue of $959 million in 2020. Robinhood also said it has about 22.5 million funded accounts on its platform as of June 30.
Robinhood has set itself up to be one of the most anticipated stock market listings of the year, even as the company faces continued scrutiny. Last month, Robinhood agreed to pay about $70 million after financial regulators accused the company of showing false and misleading information to customers. The Financial Industry Regulatory Authority also said the app suffered a number of outages from 2018 through 2021 that caused customer losses, most prominently during the GameStop stock surge. It’s also became the target of lawmakers, leading to a congressional hearing.
Robinhood plans to trade under the symbol HOOD on the Nasdaq. The company is expected to make its public debut by the end of next week, according to CNBC.