Robinhood Officially Files To SEC For Public Offering.
2021-03-24 | Mike Hallen
Robinhood Markets Inc.,
a renowned trading app that recently expanded its cryptocurrency-related services, has filed paperwork with the
U.S. SEC [Securities and Exchange Commission], or,
to go public offering.
The firm
confirmed Tuesday that it had confidentially submitted a draft registration statement on Form S-1 with the SEC
concerning the proposed public offering of its
common shares. Form S-1
requires firms
to offer more detailed info on the planned use of capital proceeds., also as
a quick prospectus on the proposed security.
While Robinhood didn’t specify when the IPO would
start, it confirmed that a public offering would be pursued “after the SEC contemplates its review process, subjected to market as well as to other conditions.”
Speculation
regarding a Robinhood IPO has circulated for months amid news that the firm had lined up a team of advisers to guide it via the listing process. Earlier in October last year, the CEO & co-founder Vlad Tenev told CNBC that he was “not
in any rush” to push a public listing as the firm was well funded.
Public opinion of Robinhood soured earlier this year –
and should have stalled the IPO process – after
the firm decided to halt trading of GameStop. An anonymous survey conducted earlier in January via the Blind networking forum
found that, among 8,750 verified finance professionals, 83% believed Robinhood had “screwed its IPO.”
Robinhood added 6 Mln, new cryptocurrency users, earlier in January and February 2021, which was 15x times
over the typical figure
altogether of 2020.
The firm has announced plans to expand its cryptocurrency services
to permit deposits and withdrawals for
crypto assets.
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