Robinhood, a U.S. trading app that allows individuals to trade without fees and has grown in popularity since it emerged from the confines of the stock market, is targeting a valuation that could peak at $35 billion in its first steps on Wall Street.
The group, which for the moment does not disclose a specific release date, anticipates a share price between 38 and 42 dollars, according to a stock exchange document sent Monday to the American market regulator, the SEC.
The top of this range would allow Robinhood to raise up to 2.31 billion dollars in new money on the occasion of this highly anticipated IPO.
As of the end of March, the app had 18 million users with a total of $80 billion in assets.
Founded in 2013, the company offers an easy-to-use tool for anyone who wants to wager money on financial markets as part of its mission to “democratize finance for everyone.”.
Before the pandemic, the app was popular, but it took off during the confinement due mainly to “millennials” with time and money to speculate.
Since the beginning of the year, it has also benefited from the speculative frenzy around stocks such as those of GameStop and AMC movie theaters, which is mostly driven by individual investors.
The company, which employs about 2,100 people, plans to list on the Nasdaq platform under the symbol “HOOD.”