Robinhood Markets Inc., the popular stock trading app, filed documentation with the Securities and Exchange Commission for what is sure to be one of the most anticipated initial public offerings of the year.
Robinhood announced the presentation, which it made confidentially, in a statement Tuesday. As usual, the company did not reveal any of the details in the presentation.
A pioneer in easy, commission-free trading, Robinhood was widely expected to hold an initial public offering soon. The filing, which a person familiar with the matter said was made on Monday, puts the company on track to go public at the end of the second quarter, a schedule it outlined to investors looking for a quick injection of capital to early this year.
The eight-year-old was forced to seek the funds when a flurry of activity on its platform, fueled by the fierce buying of so-called stock from memes like GameStop Corp., prompted the clearinghouse that runs Robinhood’s operations to demand that will bring in billions. to cover possible losses.
Robinhood eventually raised $ 3.4 billion, mostly from existing investors. An IPO would allow the company to raise additional capital to serve as an additional cushion and fund growth.