Robinhood said it filed confidentially for an initial public offering in what will be a highly anticipated listing among investors — including the trading app’s own customers.
The company said in a statement Tuesday that it had submitted its filing to the SEC, confirming an earlier report by Bloomberg. Robinhood could go public as soon as late in the second quarter but the timing could change, said a person familiar with the matter who asked to not be identified because it wasn’t public.
Bloomberg News
Robinhood, which said it hasn’t set terms for the offering yet, became immensely popular during the coronavirus pandemic, particularly as homebound young people turned to online trading to pass the time and make money.
That increased popularity has led to
Despite the challenges, Robinhood continue to grow its users and add downloads during the period, according to a JMP Securities research note from late January. The report showed Robinhood added 600,000 users in a single day, more than six times the typical number of new users during the month before the frenzy took hold.