In a Monday filing, Robinhood Markets Inc announced that its initial public offering in the United States is aiming for a valuation of up to $35 billion, setting the stage for one of the most eagerly awaited stock markets debuts this year.
According to Reuters, Robinhood was looking for an IPO price of up to $40 billion.
The IPO will sell about 55 million shares, with prices likely to range between $38 and $42, according to the firm. If priced at the top of the spectrum, this would raise nearly $2.3 billion.
In March, Bloomberg Intelligence projected that Robinhood may be worth between $13 billion and $40 billion.
Wall Street-Tracking ETF Suffers Worst Outflow Since 2008 Crisis
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A lot of very young people are going to buy the dip in stocks
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New York: Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly-christened stock bulls with it.
Their refusal to bend has been the signature fact of the stock market for at least 12 months, putting a floor under four other selloffs in 2021 alone that look just like the one that has sheared almost 3 per cent off the S&P 500 Index since Thursday. Whether the devotion of retail investors is enough to turn the tide again is the biggest question in markets right now. There s a lot of very young people in the accumulation phase, said Dan Egan, managing director of behavioral finance and investing for robo-adviser Betterment, who added that younger investors in particular have used selloffs as buying opportunities. If they have any excess cash sitting around, they re going to use it to buy in.