Robinhood chooses the Nasdaq for its IPO, sources say

Avishek Das | LightRocket | Getty Images

Robinhood has chosen the Nasdaq as the exchange for its eventual initial public offering, according to sources familiar with the matter.

The company has not yet filed officially for the listing.

The stock trading app has lowered the barrier to entry for millions of retail investors, setting the stage for one of the biggest public debuts of the year.

It’s unclear if Robinhood has chosen a direct listing or a traditional IPO, sources said. Regardless of the method, Robinhood will file an S-1 with the Securities and Exchange Commission. Typically, it takes about one to two months for companies to make their debut once they file with the SEC.

Goldman Sachs is advising on the Robinhood IPO.

Robinhood —whose longstanding mission is to “democratize” investing — is seen as the main gateway for young investors to access the markets.

After record growth during the Covid-19 pandemic, the millennial-favored stock trading app found itself in the middle of a firestorm in January amid the short squeeze in GameStop, which was partially fueled by Reddit-driven retail investors. However, Robinhood’s brand appears to be intact with bids for pre-ipo shares spiking about the GameStop mania.

Robinhood added gained 3 million users in January alone, according to estimates from JMP Securities.

New York-based D1 Partners, Sequoia, Kleiner Perkins and Google’s venture capital arm, GV are some of Robinhood’s biggest venture capital investors.

The Nasdaq and Robinhood both declined to comment.

Source link




Rocket Companies stock is dropping after a 70% irrational pop in the heavily shorted name

A Reddit logo seen displayed on a smartphone with stock market prices in the background.Omar Marques | LightRocket | Getty ImagesShares of Rocket...

Target to invest $4 billion to speed new stores, expand supply chain

A person wearing a protective mask walks past a Target Corp. store at the Grossmont Center Mall in La Mesa, California, U.S., on...

1967 VW ‘Samba’ Microbus Retro Review | Photos, features, driving impressions

ANN ARBOR, Mich. — “It’s so cute!” a woman yelled from her bike as we passed her through an intersection, the 1967 Volkswagen...

Trump’s threat to veto $900 billion Covid relief bill puts major climate legislation at risk

Patrick Pleul/picture alliance via Getty ImagesPresident Donald Trump's opposition to a $900 billion coronavirus aid package overwhelmingly passed by U.S. lawmakers late Monday jeopardizes the...

White House a ‘Super Spreader’ Site

Executive Office of the President: “Annual Report to Congress on White...