Photographer: Gabby Jones / Bloomberg
Photographer: Gabby Jones / Bloomberg
Robinhood Markets Inc., the popular trading app, has confidentially filed for an IPO with the U.S. Securities and Exchange Commission, according to people familiar with the case.
Robinhood is moving forward with its IPO, although its listing plans may change, the people said, asking not to be identified because the case is not public.
Bloomberg News previously reported that Robinhood was planning to file for an IPO this month. The company has selected Nasdaq and the location for the listing, people familiar with the matter have said.
A Robinhood representative, based in Menlo Park, California, declined to comment.
Robinhood became immensely popular during the coronavirus pandemic, especially when homebound young people turned to online commerce to kill time and make money.
That increased popularity has sparked criticism from politicians and regulators, who focus on the so-called gamification of trading and the company’s role at the center of the meme-stock frenzy. Robinhood also had to raise billions of dollars from its lenders to comply with a request from the industry clearinghouse.