Popular stock trading and investing app Robinhood is eyeing an initial public offering in July, after its plan to go public as soon as this month fell through, Bloomberg reported.
According to sources familiar with the matter, the company, expected to trade on the Nasdaq Index, want to time its IPO for when people will be back from July 4 holiday travel.
Sources said no final decision has been made and Robinhood’s IPO plans could change again. Robinhood confidentially filed for an initial public offering in March and was aiming for a listing by the end of June.
In August 2020, Robinhood’s valuation reached $11.2 billion following a $200 million funding round, up by nearly one third from a previous injection of funds just a month ago. The company could be worth as much as $40 billion in an IPO, based on trading in the secondary market, Bloomberg Intelligence analyst David Ritter said in March.
Average transaction size on the popular trading app in the first two months of 2021 was around $500. The company stated that 9.5 million users traded cryptocurrency on its app during the Q1 2021, approximately six-fold increase from the previous quarter.