Robinhood will reveal its IPO filings as soon as next week. The filing will give potential investors their first detailed look at the millennial-friendly investment platform’s financials and risks.
May 19, 2021, | AtoZ Markets – Robinhood Markets LLC, a provider of stock trading platforms for individual investors, may disclose the details of its initial public offering (IPO) filings as early as next week, Bloomberg reported citing sources close to the company. According to preliminary information, the broker may enter the exchange at the end of June.
However, the details are still subject to change, sources said. As a reminder, at the end of March, Robinhood filed an application for the placement of shares with the US Securities and Exchange Commission (SEC). The number of shares and their starting price have not yet been disclosed.
For the first quarter of 2021, the online broker reported revenue of $331 million.According to the financial report, $133 million out of $331 million came from operations with shares, and $198 million from options.
Robinhood is getting closer to the stock exchange
The company is moving forward with plans for an IPO despite the trader incident on Reddit. Recall that at the beginning of the year, users of the American service Reddit decided to “for fun” inflate the shares of unprofitable companies. In two weeks, GameStop’s share price skyrocketed from $18 to $157. The surge in volatility forced Robinhood to stop trading. Some users stated that the broker sold their shares at a losing price.
Meanwhile, Robinhood is preparing to expand into the cryptocurrency market. As AtoZ Markets previously reported that the broker intends to strengthen its presence in the cryptocurrency market by listing new assets and expanding the development team.
Think we missed something? Let us know in the comment section below.