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Robinhood has chosen the Nasdaq because the change for its eventual preliminary public providing, based on sources aware of the matter.
The corporate has not but filed formally for the itemizing.
The inventory buying and selling app has lowered the barrier to entry for tens of millions of retail traders, setting the stage for one of many biggest public debuts of the year.
It is unclear if Robinhood has chosen a direct itemizing or a conventional IPO, sources mentioned. Whatever the technique, Robinhood will file an S-1 with the Securities and Alternate Fee. Sometimes, it takes about one to 2 months for firms to make their debut as soon as they file with the SEC.
Goldman Sachs is advising on the Robinhood IPO.
Robinhood —whose longstanding mission is to “democratize” investing — is seen as the principle gateway for younger traders to entry the markets.
After file progress through the Covid-19 pandemic, the millennial-favored inventory buying and selling app discovered itself in the course of a firestorm in January amid the quick squeeze in GameStop, which was partially fueled by Reddit-driven retail traders. Nonetheless, Robinhood’s model seems to be intact with bids for pre-ipo shares spiking concerning the GameStop mania.
Robinhood added gained 3 million customers in January alone, based on estimates from JMP Securities.
New York-based D1 Companions, Sequoia, Kleiner Perkins and Google’s enterprise capital arm, GV are a few of Robinhood’s largest enterprise capital traders.
The Nasdaq and Robinhood each declined to remark.