Apparently, the FINRA fine will not prevent Robinhood from going public in the nearest future. The company publicly filed its S-1 registration form with the SEC yesterday. Robinhood plans to go public on the Nasdaq under the ticker HOOD. The number and price range of the offered shares have not yet been determined. The lead underwriters of the placement will be Goldman Sachs, Citigroup and JPMorgan.
Robinhood reported a three-fold increase in revenue during 2020 — from $ 278 million to $ 959 million. Moreover, 2020 became the first profitable year for Robinhood(7 million profit). In the first quarter of 2021, Robinhood’s revenue reached $ 522 million. At the same time, the company recorded a net loss of $1.4 billion associated with the situation around the “meme shares”.
By the end of March 2021, the number of Robinhood accounts reached 18 million, while the monthly active users metric is maintained at an unbelievable level— 17.7 million.
Since July 2020, the value of Robinhood shares has increased by 276% — which is the current profitability of the Global Technologies Private Portfolio fund clients.
Robinhood is one of the fastest-growing fintech startups in the United States. The company is developing an application for investing in stocks, ETFs, options, gold and cryptocurrencies without commissions.
On May 20, Robinhood unveiled a new product — IPO investments for retail investors, which will become another source of the company’s revenue.