Friday, September 17, 2021

Popular trading app trading platform Robinhood announces Nasdaq listing.

The Takeaway:

Popular trading platform Robinhood has announced its stock's opening price, which will debut on the Nasdaq on July 29.

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Trading platform Robinhood announced on July 28, revealing that the pricing of its initial public offering of 55,000,000 Class A shares to the public will be $38 per share. This results in net proceeds of $1.89 billion going to Robinhood. Robinhood added that 52,375,000 shares are being offered by the trading platform itself while 2,625,000 shares are being offered by existing stockholders, of which it will not receive any proceeds.

 

Robinhood is angling for a valuation around the $35 billion mark.

Robinhood’s shares are expected to begin trading on the Nasdaq Global Select Market on July 29 under the ticker symbol ‘HOOD,’ and it is expected to close on August 2. According to previous reports, Robinhood is angling for a valuation of around $35 billion. The announcement added that Goldman Sachs and J.P. Morgan are acting as joint lead book-running managers for the offering, while Barclays, Citigroup, and Wells Fargo Securities are acting as additional book-running managers. Several crypto-based firms in recent times have announced their plans to go public. Earlier this year, U.S-based crypto firm Coinbase went public via a direct listing on Nasdaq.

 

The trading platform is focusing on its crypto offerings.

The popular stock trading app is focusing on its crypto offerings, with plans to provide crypto wallet services to users. Robinhood CEO Vlad Tenev stated that the company is working hard to implement more crypto-friendly features. Robinhood has done quite well from its cryptocurrency offerings in 2021. Earlier this year, it had already recorded six million new users since the beginning of 2021. At the time, it revealed that the number of new monthly customers buying from its crypto platform in 2021 was 15 times the 2020 average.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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