Robinhood, whose longstanding mission is to democratize investing, is seen as the main gateway to the markets for young investors.
The stock trading app will trade on the Nasdaq under ticker HOOD, priced at an expected $38 to $42 per share. Robinhood is looking to sell 55 million shares at that range to raise as much as $2.3 billion.
Robinhood’s long standing mission is to lower the barrier to enter the world of finance, and its IPO has been nothing but on brand. The stock trading app is reserving 20% to 35% of its IPO shares for its own clients, which CEO Vlad Tenev said he expects will be one of the largest retail allocations ever.