On March 23, online broker Robinhood has filed for an IPO (initial public offering) with the SEC in confidence.
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The team verified the news by posting a blog post. It's not clear yet how the process will be managed. However, according to Bloomberg, Robinhood considers listing the shares on Nasdaq. It was noted in the blog the IPO is supposed to go live after the SEC authorizes it.Recently Robinhood hired previous Google executive Aparna Chennapragada as its head of product. So, the experienced employee leads IPO's management, design and research.
Robinhood faced problems in January when prices of "meme stocks" like Game Stop reached unprecedented highs. That caused technical issues and the platform halted tradings. Afterwards investors turned to the court complaining that because of the platform they lost potential profits.
Despite this case, The popularity of Robinhood has been growing. Since the start of 2021, the network has welcomed 6 million new users. Lately, the CEO of the network Vlad Tenev stated the company plans to add more cryptocurrencies.