Robinhood is looking for a market valuation as excessive as $35 billion in upcoming IPO


Robinhood is aiming for a market valuation of up to $ 35 billion in its upcoming IPO, according to an amended SEC filing.

The stock trading company will attempt to sell its stock at a range of $ 38 to $ 42 per share, according to the updated prospectus. During its roadshow, Robinhood plans to sell 55 million shares in that range to raise up to $ 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 updated filing. The company estimates it has 22.5 million funded accounts (tied to a bank account), up from 18 million in the first quarter of 2021.

The free trade pioneer based in Menlo Park, California, estimates sales in the second quarter of 2021 between 546 and 574 million US dollars. That would be a 129% increase in revenue from $ 244 million in the second quarter of 2020. The company had revenue of $ 522 million in the first quarter of 2021.

Goldman Sachs, Citigroup and JPMorgan are among the leading underwriters of the transaction, along with other banks.

Robinhood – which offers stock, cryptocurrency, and options trading, as well as cash management accounts – is slated to make its public debut late next week.

Robinhood is a five-time CNBC Disruptor 50 company that topped this year’s list.

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