Robinhood priced its much anticipated initial public offering on Monday.- It will offer 55 million shares at between $38 and $42 per share, to raise up to $2.3 billion.
- If it secures $42 per share, Robinhood's market value would stand at $35 billion.
Robinhood is aiming to raise as much as $2.3 billion in its upcoming stock market debut, the company said in a $4 on Monday.
The popular
It plans to list on the Nasdaq under the ticker symbol "HOOD" and is expected to go public by the end of next week. Under its new program to "democratize" IPOs, Robinhood plans to allocate 35% of its $4, The Wall Street Journal reported.
If it hits $101.50 per share in the next four years, cofounders Vlad Tenev and Baiju Bhatt could receive up to $4 each, an SEC filing from June said.
Robinhood, which counts 17.7 million monthly active users, holds $81 billion in assets under custody, its filing says. It also says it has 22.5 million funded accounts, or those tied to a bank account, up from 18 million in the first-quarter this year, far above the 40,000 accounts it counted in 2014.
Revenue for the first quarter of 2021 came in at $522 million, up from $128 million in the same period last year. The company expects to report second-quarter revenue in the range of $546 million and $574 million, marking a 129% jump from the $244 million made in the second-quarter last year.
Robinhood was valued at $11.7 billion in a $4 late last year. But based on
Goldman Sachs, Barclays, Citigroup, and JPMorgan are the lead underwriters on Robinhood's
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