Online brokerage Robinhood makes IPO filing public

FILE PHOTO: The Robinhood App is displayed on a screen in this photo illustration January 29, 2021. REUTERS/Brendan McDermid/Illustration/File Photo

(Reuters) – Robinhood, the online brokerage at the center of Wall Street’s recent retail trading frenzy, on Thursday disclosed paperwork for its flotation on the Nasdaq, setting the stage for one of the most hotly anticipated initial public offerings of the year.

In December, Reuters reported that the app had picked Goldman Sachs Group Inc to lead preparations for an IPO, which could value it at more than $20 billion.

Robinhood’s move to go public comes months after the company found itself at the center of a confrontation between a new generation of retail investors and Wall Street hedge funds in late January.

Menlo Park, California-based Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. The company’s platform allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.

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