USA Today’s personal finance and markets reporter Jessica Menton breaks down how hedge fund day traders are being wrecked by Reddit users.
USA TODAY
Robinhood, the online brokerage that found itself embroiled in this year’s meme stock phenomenon, will seek to go public with a market valuation of up to $35 billion.
The company said in a regulatory filing on Monday that it wanted to price the 55 million shares in its initial public offering in a range of $38 to $42 per share. It could raise approximately $2.3 billion if shares are sold at the high end of the range.
Robinhood’s IPO will give investors a chance to own part of a fast-growing company that has rocked the traditionally staid brokerage business. Since its launch in 2014, Robinhood’s popularity has forced rivals to get rid of commissions and to offer apps that make trading easy and maybe even fun.
The California company will list on the Nasdaq under the “HOOD” ticker symbol.
Robinhood fined: Brokerage to pay $70 million in record settlement over outages and misleading customers
(Photo: Robinhood)
