Robinhood to Reveal Plans for IPO in Mid-May: Report
Main page News, Fintech, US Market, IPO

Robinhood plans to reveal details about its initial public offering next week, Bloomberg has learned, citing people familiar with the matter. However, the timing and details are still subject to change. Robinhood did not comment on the news.

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The fintech brokerage firm first submitted confidential documents to the US Securities and Exchange Commission (SEC) in March this year. If approved, the Menlo Park-based company can go further with its plans for IPO.

In the beginning of February, Robinhood raised $3.4 billion in a round led by Ribbit Capital and other investors, including ICONIQ Capital, Andreessen Horowitz, Sequoia, Index Ventures, and NEA. According to Rainmaker Securities, the latest bids in the secondary market for Robinhood shares equate to a valuation of $40 billion.

Robinhood Sees Rise of Crypto Traders

In March, the millennial-favored stock trading app reportedly agreed to pay a minimum of $26.6 million for a potential settlement around trading outages in March 2020.

The company was in settlement talks with the Financial Institutions Regulatory Agency (FINRA), the US Securities and Exchange Commission (SEC) and the New York Attorney General's Office (NYAG). However, the outcome of the talks remains unknown.

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