The popular stock and cryptocurrency platform Robinhood’s initial public offering (IPO) is valued at $38 per share at the low end of the previously estimated price range of $38-$42, with the company’s market value up to $32 billion.
According to a CNBC report Wednesday, Robinhood will publicly issue under the code of “HOOD” on Nasdaq in the United States and will issue 55 million shares at the low end of expectations at $38 per share.
It is reported that this Robinhood listing is the seventh-largest IPO in US stocks this year. The IPO issuance is led by the investment banks of Goldman Sachs and JPMorgan Chase.
Its public prospectus on July 1 disclosed its relevant financial situation, which shows that Robinhood turned a loss to profit in 2020, with its 2020 net revenue of $959 million and a net profit of $7.45 million compared to last year’s data——a net loss of $107 million.
As of the second quarter of this year, its platform has more than 22.5 million active users, and it is predicted that 2021 Q2 revenue will be in the range of approximately $546 million to $574 million, nearly twice the quarterly revenue of $244 million in the same period last year.
Robinhood is unanimously committed to providing more thoughtful services to young and first-time investors. As reported by Blockchain. News on July 28, Zero-commission financial trading platform Robinhood is exploring a new feature designed to protect investors from price fluctuations during investing in cryptocurrency trading.
Image source: Shutterstock