Robinhood Markets Inc is targeting a valuation of up to $35 billion in its U.S. stock market listing, the online brokerage, which was at the center of a retail-trading frenzy that gripped Wall Street this year, revealed in a filing on Monday.
The Menlo Park, California-based company is offering 55 million shares to raise over $2.3 billion. Shares are expected to be priced between $38 and $42, the company said.
Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. Its platform allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.
The company was valued at around $30 billion in a funding round earlier this year, according to people familiar with matter.
Robinhood is pushing ahead with a stock market flotation following a record 15-month run in the U.S. IPO market, as investors rushed to buy shares of high-growth tech companies.
