Robinhood Markets Inc. is seeking banking advisers for a potential initial public offering (IPO) as soon as the first quarter of 2021.
November 18, 2020 | AtoZ Markets – The popular trading platform Robinhood Markets may conduct an initial public offering of its shares on one of the New York stock exchanges in the first quarter of 2021, Bloomberg news agency reported yesterday. To this end, the online commission-free broker is already looking for a suitable bank to help with the IPO.
Robinhood planning for an IPO launch
According to Bloomberg, however, it is only about the plans of the online broker, which may not come true. The company itself is yet to comment on this information.
As a reminder, Robinhood raised $660 million in September this year, reflecting its total value of $11.7 billion. Notably, the Robinhood platform was founded only in 2013. The platform is gaining popularity mainly among young people, and its client base grew to 13 million users in May.
Investors in the latest round of fundraising include big names like Andreessen Horowitz and Sequoia.
We also recall that a month ago, AtoZ Markets reported that almost 2,000 brokerage accounts on the Robinhood platform were compromised as a result of a hack attack. This hack became the largest in the history of Robinhood. Moreover, the affected customers claimed that they had two-factor authentication installed.
At the same time, angry users flooded Twitter and Reddit with calls to destroy Robinhood after the support service showed its incompetence and did not stop the theft of money.
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