Avishek Das | LightRocket | Getty Photographs
This can be a creating story. Test again for updates.
Robinhood has chosen the Nasdaq for its eventual preliminary public providing, in accordance with sources conversant in the matter. The corporate has not but filed formally for the itemizing.
The inventory buying and selling app has lowered the barrier to entry for hundreds of thousands of retail buyers, setting the stage for one of many largest preliminary public choices of the yr.
It is unclear if Robinhood has chosen a direct itemizing or a conventional IPO, sources stated.
Robinhood —whose longstanding mission is to “democratize” investing — is seen as the principle gateway for younger buyers to entry the markets.
After document development throughout the Covid-19 pandemic, the millennial-favored inventory buying and selling app discovered itself in the course of a firestorm in January amid the brief squeeze in GameStop, which was partially fueled by Reddit-driven retail buyers. Nevertheless, Robinhood’s model seems to be intact with bids for pre-ipo shares spiking in regards to the GameStop mania.
Robinhood added gained 3 million customers in January alone, in accordance with estimates from JMP Securities.
New York-based D1 Companions, Sequoia, Kleiner Perkins and Google’s enterprise capital arm, GV are a few of Robinhood’s largest enterprise capital buyers.
The Nasdaq and Robinhood each declined to remark.