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Robinhood has chosen the Nasdaq for its eventual preliminary public providing, in line with sources accustomed to 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 tens of millions 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 mentioned.
Robinhood —whose longstanding mission is to “democratize” investing — is seen as the primary gateway for younger buyers to entry the markets.
After report progress throughout the Covid-19 pandemic, the millennial-favored inventory buying and selling app discovered itself in the midst of a firestorm in January amid the quick squeeze in GameStop, which was partially fueled by Reddit-driven retail buyers. Nonetheless, 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 line 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.