Robinhood's IPO filing could reportedly come as early as March
Robinhood's IPO could come as early as March, Bloomberg reports.
- It was initially expected to come around May.
- With its latest funding round, the
appcould be valued at around $30 billion, the outlet reports.
Investment platform Robinhood is expected to file for an IPO as early as March, according to Bloomberg, citing sources close to the company.
The outlet had reported in early February that Robinhood was planning for a traditional IPO around May. Since then, however, sources told Bloomberg the company has held talks with underwriters about possibly moving the filing up. No final decisions have been made, sources told the publication.
Robinhood did not immediately respond to Insider's request for comment.
The company had been eyeing an IPO as early as 2018 and initially targeted the year 2021. Last year, Robinhood was valued at nearly $12 billion, and in December, Reuters reported the platform hired Goldman Sachs to lead an IPO that could value the fintech startup at more than $20 billion. Bloomberg is now reporting the IPO could be valued at around $30 billion due to its latest fundraise.
Robinhood raised $3.4 billion from backers to help post collateral with the Depository Trust & Clearing Corporation, Bloomberg reported. The app had become tight on cash after the
Since the beginning of the year, Robinhood has been engulfed in scandal. In late January, many of its users --some convening on the Reddit forum r/WallStreetBets-- started buying shares of companies such as Gamestop and
Bloomberg reports an IPO could help Robinhood secure future financing to appease regulators by increasing its cash buffer. It could also help the company grow. The platform had over 13 million users by the end of last year, and became increasingly popular as young people used the app amid the pandemic - some to earn extra cash, some for leisure.
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