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Robinhood is seeking a market valuation of as much as $35 billion in its upcoming initial public offering, according to an amended SEC filing.
The stock trading company will seek to sell at a range of $38 to $42 per share, according to the filing. The company is looking to sell 55 million shares at that range to raise as much as $2.3 billion.
Robinhood — which plans to trade under the symbol “HOOD” on the Nasdaq — also updated several of its financial and user metrics in the updated filing. The company estimates it has 22.5 million funded accounts, up from 18 million in the first quarter of 2021.
The Menlo Park, California-based free-trading pioneer estimates second quarter 2021 revenue between $546 million and $574 million. This would be an 129% increase in revenue from the $244 million made in the second quarter of 2020. The company generated $522 million in revenue in the first quarter if 2021.
Goldman Sachs, Citigroup and JPMorgan are the lead underwriters on the deal, among other banks.
