Salem Radio Network News Friday, July 23, 2021


Robinhood aims for up to $35 billion valuation in U.S. IPO

(Reuters) – 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.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila)


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