Photographer: Gabby Jones / Bloomberg
Photographer: Gabby Jones / Bloomberg
Robinhood Markets Inc., the popular trading application, has confidentially submitted an initial public offering to the US Securities and Exchange Commission, according to people familiar with the matter.
Robinhood is moving forward with its IPO, although its listing plans may change, said people, who asked not to be identified because the issue is not public.
Bloomberg news previously reported that Robinhood planned to file an IPO application this month. The company has selected Nasdaq ca place for listing, said people familiar with the matter.
A representative for Robinhood, based in Menlo Park, California, declined to comment.
Robinhood became extremely popular during the coronavirus pandemic, especially as young people at home turned to online trading to pass the time and make money.
This growing popularity has led to the control of politicians and regulators, who focus on the so-called gamification of trading and the role of the company at the center of the meme stock frenzy. Robinhood also had to raise billions of dollars from its supporters to comply with a request from the industry’s clearing center.