Robinhood has filed confidentially for a US IPO

• Robinhood confidentially filed for a US initial public offering, Bloomberg first reported on Tuesday.
• The company confirmed the report in a blog post on Tuesday evening.
• The trading app, popular among retail investors, has selected Nasdaq as the venue for its listing, according to Bloomberg.
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Robinhood Markets confidentially filed for an initial public offering with the US Securities and Exchange Commission, Bloomberg first reported on Tuesday. The company confirmed the report in a blog post.

Robinhood, the trading app popular among retail investors, selected Nasdaq as the venue for its listing, according to Bloomberg. It's also said to be keeping its listing plans open to change. Robinhood has been eyeing an IPO since as early as 2018. The company had more than 13 million users at the end of 2020.

The app's rapid rise to prominence peaked during the GameStop short-squeeze saga in late January as an army of Reddit day traders sparred with hedge funds to push shares of the video-game retailer to dizzying highs.

Robinhood achieved an $11.7 billion valuation in a funding round last year. It also raised financing this year that will convert to equity upon the completion of an IPO, Bloomberg reported in February. A first tranche will convert at the lower of a $30 billion valuation or a 30% discount to the IPO, with the second at the lower of the 30% IPO discount or a $33 billion valuation, according to Bloomberg.

Robinhood hired Goldman Sachs in December to lead its IPO.

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