Robinhood files to go public

Robinhood, a day after incurring a record-breaking fine from Wall Street's industry regulator, filed paperwork for its hotly anticipated initial public offering.

The company plans to list its shares on the Nasdaq stock exchange under the symbol HOOD, according to its filing with the Securities and Exchange Commission. As is typical for the initial IPO filing, Robinhood didn't yet indicate a target valuation or date for its public debut. The company hopes to raise $100 million by going public. The IPO puts the stock trading app in a unique position: It plans to take advantage of its own public trading to sell stock to its customers. The company will set aside as much as 35% of its Class A share for individual investors on its own platform — a much larger allocation for retail investors than in a typical IPO. The company said it manages more than $80 billion for some 18 million users on its platform, more than half of which are first-time brokerage accounts.