Popular trading broker Robinhood will be listed on Nasdaq today (July 29). However, before the listing itself, the company holds an Initial Public Offering (IPO) that allows earlier investments to the company's stock. This means all interested companies and individuals can invest in stocks.
Robinhood sold the shares at $38 each valuing the company at around $32 B. The trading symbol on Nasdaq will be HOOD. During the IPO, it raised nearly $2 B selling 52.4 million shares.
Robinhood's co-founders Vlad Tenev and Baiju Bhatt sold $50 M of stock each.
The Robinhood app has been seeing high interest. The number of accounts connected to a bank account on the app is 22.5 mln, as reports the company. In the Q1 the number was 18mln. In 2020 the indicator was up by 151%.
In Q1, Robinhood raised $331 M in payment for order circulation, that is for direct users’ trades to market makers.
Robinhood Markets was founded in April 2013 in Menlo Park, California. It introduced the Robinhood Crypto in 2015. Currently, the company’s crypto app supports buying, selling, and real-time market data for Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).