Robinhood seeks valuation of up to $35 billion as public company
CBSN
Robinhood, the online brokerage that found itself embroiled in this year's meme stock phenomenon, will sell shares to the public next week seeking a market valuation of up to $35 billion.
The company said in a regulatory filing Monday that it hopes to price 55 million shares in its initial public offering in the range of $38 to $42 per share. It could raise about $2.3 billion if the shares are sold at the high end of the range. Robinhood is offering about 52.4 million shares. The company's founders Baiju Bhatt and Vladimir Tenev, and Chief Financial Officer Jason Warnick, are offering about 2.6 million shares. The company won't receive any proceeds from shares sold by its officers and founders.
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