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Robinhood has chosen the Nasdaq as the exchange for its eventual preliminary public offering, in step with sources accustomed to the topic.
The firm has now no longer yet filed officially for the itemizing.
The inventory trading app has diminished the barrier to entry for millions of retail traders, surroundings the stage for surely one of the greatest public debuts of the twelve months.
Or now no longer it’s unclear if Robinhood has chosen an rapid itemizing or a primitive IPO, sources acknowledged. In spite of the methodology, Robinhood will file an S-1 with the Securities and Exchange Commission. Generally, it takes about one to two 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 viewed as the predominant gateway for younger traders to secure admission to the markets.
After listing growth in the direction of the Covid-19 pandemic, the millennial-appreciated inventory trading app figured out itself in the heart of a firestorm in January amid the short squeeze in GameStop, which was partly fueled by Reddit-pushed retail traders. Then all yet again, Robinhood’s sign looks to be intact with bids for pre-ipo shares spiking about the GameStop mania.
Robinhood added obtained 3 million customers in January on my own, in step with estimates from JMP Securities.
Fresh York-essentially essentially based D1 Partners, Sequoia, Kleiner Perkins and Google’s endeavor capital arm, GV are some of Robinhood’s greatest endeavor capital traders.
The Nasdaq and Robinhood both declined to commentary.