Online broker Robinhood has just filed for an IPO with the Securities and Exchange Commission (SEC), CNN reported yesterday.
After being ordered by the Financial Industry Regulatory Authority (FINRA) to pay a $7 million fine to settle all claims against the company, the company is looking at the future and now wants to list its shares on the NASDAQ.
According to the filing, Robinhood expects to raise about $100 million through its IPO, however, the figure is subject to change as it depends on the price its shares reach after they are listed on the exchange.
Per the document, the company, whose shares will trade under the ticker HOOD, plans to allocate about 35% of its Class A shares for individual investors, a quite high proportion if we compare it with other IPOs.
Robinhood has also unveiled its financial results for the first time ever. According to the data provided by the company, its sales increased to $958.8 million last year, up 245% from 2020, while its profits rose to $7.5 million, a lot better figure than the $106.6 million loss it suffered in 2019.