On July 1, California-based financial services company Robinhood filed for IPO with the US SEC. The news came one day later after being fined $70 M by Wall Street's industry regulator.
Related: Robinhood Considers Adding More Crypto Services
Despite the fine and lawsuits, the platform has been growing. Currently, it holds over $80 M in assets and the number of users is nearly 18 million. The company's revenue soared to $522m in the first three months of 2021, up from $128m a year earlier.
Robinhood intends to list its shares on the NASDAQ stock exchange under the ticker HOOD. Before going public, the stock brokerage hopes to raise $100 M. Vlad Tenev, the CEO of the company revealed the plans to file for the offering in March.
Robinhood was founded in 2013. In 2018 it launched Robinhood Crypto, which is licensed by the New York State Department of Financial Services.
In the recent filing, the company mentioned it faces 49 class action lawsuits and three individual actions in federal and state courts connected to the early 2021 trading surge.Different US state attorneys and securities regulators have requested information from the company about its activities.