CBS San Francisco sees Menlo Park as a public company based on an estimate of up to $ 35 billion
MENLO PARK (CBS / AP) – Robinhood, an online broker in Silicon Valley that has found itself in a meme stock phenomenon this year, will go to the market in search of a market value of up to $ 35 billion.
The company, headquartered in Menlo Park, said in a regulatory statement Monday that it hopes to raise 55 million shares in its initial public offering in the range of $ 38 to $ 42 per share. It could earn about $ 2.3 billion if the shares are sold at the highest end.
Robinhood offers about 52.4 million shares. The company’s founders Baiju Bhatt and Vladimir Tenev and chief financial officer Jason Warnick are offering about 2.6 million shares. The company does not derive any income from the shares sold by its officers and founders.
Underwriters have the option to buy 5.5 million shares to cover any shares.
Robinhood’s IPO will allow investors to acquire a portion of a fast-growing company that has shaken traditional brokerage trading. Since its inception in 2014, Robinhood’s popularity has forced competitors to get rid of commissions and offer programs that make trading easier and perhaps even more fun.
The company said in its proposal that it had 17.7 million monthly active users in March, and more than half of its customers are first-time investors.
Many of those first-time investors started trading in Robinhood because of the popularity of mem shares like GameStop. The business outrage that followed forced Robindy to restrict some trade due to the large volume, and it faced some government control.
Robinget lists the Nasdaq under the code “HOOD”.
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https://sanfrancisco.cbslocal.com/2021/07/19/robinhood-ipo-hood-nasdaq-35-billion-valuation/ | CBS San Francisco sees Menlo Park as a public company based on an estimate of up to $ 35 billion
