July 28, 2021

Retail investor favourite Robinhood seeks $35bn valuation in IPO | Financial Markets News

Robinhood will now proceed with its IPO roadshow and is expected to start meeting with investors this week.

By  and Bloomberg

Robinhood Markets Inc. is seeking a valuation of $35 billion in its initial public offering, just short of the highest analyst projections, as the free trading app advances toward a debut likely to draw in buyers from its own novice investor base.

The company at the center of this year’s meme stock frenzy will market 55 million shares for $38 to $42 each, according to a filing Monday with the U.S. Securities and Exchange Commission. Bloomberg Intelligence in March estimated that Robinhood could be valued in a range of $13 billion to $40 billion.

Robinhood aims to raise more than $2 billion in its public debut, planned for later this summer. With the price range set, it will now proceed with its IPO roadshow and will…

Read full article here: www.aljazeera.com