Robinhood Markets Inc. said it filed confidentially for an initial public offering, in what will be a highly anticipated listing among investors — including the trading app’s own customers.
The company said in a statement Tuesday that it had submitted its filing to the Securities and Exchange Commission, confirming an earlier report by Bloomberg. Robinhood could go public as soon as late in the second quarter but the timing could change, said a person familiar with the matter who asked not to be identified because it wasn’t public.
Bloomberg News previously reported that Robinhood was planning to file for an IPO this month. The company has selected Nasdaq as the venue for its listing, people familiar with the matter have said.
Robinhood, which said it hasn’t set terms for the offering yet, became immensely popular during the coronavirus pandemic, particularly as homebound young people turned to online trading to pass the time and make money.
That increased popularity has led to scrutiny from politicians and regulators, who are focused 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 backers to comply with a request from the industry’s clearinghouse.
Despite the challenges, Robinhood continue to grow its users and add downloads during the period, according to a JMP Securities research note from late January. The report showed Robinhood added 600,000 users in a single day, more than six times the typical number of new users during the month before the frenzy took hold.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
