Online brokerage Robinhood files paperwork for Nasdaq IPO
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Robinhood has disclosed paperwork for its IPO on the Nasdaq, setting the stage for one of the most hotly anticipated initial public offerings of the year.
The online brokerage, which was at the centre of Wall Street’s retail trading frenzy at the start of the year, today filed the paperwork with the Securities and Exchange Commission.
No details at this stage have been given about how much money the company intends to raise via the listing.
The documents revealed revenue for the year ended Dec. 31, 2020 rose to $959m, while net income was $7m, compared to a loss of $107m a year earlier
In December, Reuters reported that the app had picked Goldman Sachs to lead preparations for an IPO, which could value it at more than $20bn.
Robinhood’s move to go public comes months after the company found itself at the center of a confrontation between a new generation of retail investors and Wall Street hedge funds in late January.
Menlo Park, California-based Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt.
The company’s platform allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.