Robinhood seeks $35bn valuation

Stock trading app Robinhood is seeking to triple its current valuation in its upcoming listing.

The company hopes to have a market capitalisation of around $35 billion after its IPO.

As of September 2020, Robinhood was valued at $11.7 billion, following a $420 million investment round.

According to an amended SEC filing published on Monday, the platform is aiming to sell at around $38 to $42 per share.

The company plans to sell 55 million shares to raise up to $2.3 billion in the listing.

As of the second quarter, the updated document states that the business has roughly 22.5 million, up from 18 million during the first quarter of the year.

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