Photographer: Gabby Jones / Bloomberg
Photographer: Gabby Jones / Bloomberg
Robinhood Markets Inc., the popular trading app, filed a confidential request for an initial public offering with the United States Securities and Exchange Commission, according to people familiar with the matter.
Robinhood is moving forward with its IPO, although its listing plans may change, people said, who asked not to be named because the matter is not public.
Bloomberg News previously reported that Robinhood was planning to file an IPO application this month. The company selected Nasdaq as the for your listing, people familiar with the matter said.
A representative from Robinhood, based in Menlo Park, California, declined to comment.
Robinhood became immensely popular during the coronavirus pandemic, especially when young people living at home turned to online commerce to spend time and earn money.
This growing popularity has led to scrutiny by politicians and regulators, who are focused on the so-called gamification of negotiations and the role of the company at the center of the stock memes frenzy. Robinhood also had to raise billions of dollars from its sponsors to comply with a request from the industry’s clearinghouse.