Photographer: Gabby Jones / Bloomberg
Photographer: Gabby Jones / Bloomberg
According to people familiar with the U.S. Security and Exchange Commission, Robinhood Markets Inc., the popular trading app, has filed a confidential offer for an initial public offering.
Robinhood continues with its IPO, though the listing plans may change, say the people who asked not to be identified because the case is not public.
Bloomberg News reported earlier that Robinhood plans to file an IPO this month. The company has chosen Nasdaq as the people familiar with the matter said.
A Robinhood representative, based in Menlo Park, California, declined to comment.
Robinhood became hugely popular during the coronavirus pandemic, especially as young people who were at home turned to online shopping to spend time and earn money.
The increasing popularity has led to the investigation of politicians and regulators, which is focused on the so-called gaming ability and the role of the company at the center of the memes. Robinhood also had to raise billions of dollars from its supporters to comply with a request from the cleaning industry in the industry.