Photographer: Gabby Jones / Bloomberg
Photographer: Gabby Jones / Bloomberg
Robinhood Markets Inc., the popular trading app, has confidentially submitted an initial public offering to the U.S. Securities and Exchange Commission, according to people familiar with the matter.
Robinhood is still making progress on its IPO, although its listing plans could change, people said, asking that they not identify themselves because the matter is not public.
Bloomberg News reported earlier that Robinhood had planned to apply for a IPO this month. The company has selected Nasdaq as the place for their listing, have said people familiar with the matter.
A Robinhood representative, based in Menlo Park, California, declined to comment.
Robinhood became immensely popular during the coronavirus pandemic, especially when young people at home engaged in online commerce to pass the time and make money.
This increased popularity has led to control by politicians and regulators, who focus on the so-called gamification of trade and the role of the company at the center of the meme frenzy. Robinhood also had to raise billions of dollars from its sponsors to comply with a request from the industry compensation center.