Robinhood Markets Inc., a preferred buying and selling app that lately expanded its cryptocurrency enterprise, has filed paperwork with the USA Securities and Change Fee, or SEC, to go public.
The corporate confirmed Tuesday that it had confidentially submitted a draft registration assertion on Kind S-1 with the SEC referring to the proposed public providing of its frequent inventory. Kind S-1 requires corporations to offer extra detailed info on the deliberate use of capital proceeds., in addition to a quick prospectus on the proposed safety.
Whereas Robinhood didn’t specify when the IPO would happen, it confirmed {that a} public providing could be pursued “after the SEC contemplates its evaluation course of, topic o market and different circumstances.”
Hypothesis a couple of Robinhood IPO has circulated for months amid information that the corporate had lined up a staff of advisers to information it by way of the itemizing course of. In October 2020, CEO and co-founder Vlad Tenev advised CNBC that he was “not in a rush” to push a public itemizing as a result of the corporate was effectively funded.
Public opinion of Robinhood soured earlier this 12 months – and should have stalled the IPO course of – after the corporate determined to halt buying and selling of GameStop. An nameless survey carried out in January through the Blind networking discussion board discovered that, amongst 8,750 verified finance professionals, 83% believed Robinhood had “screwed its IPO.”
Robinhood added 6 million new cryptocurrency customers in January and February 2021, which was 15 instances increased than the typical determine in all of 2020. The corporate has introduced plans to develop its crypto companies to permit for deposits and withdrawals for crypto property.