Robinhood will file an S-1 with the Securities and Exchange Commission. Its not confirmed, yet CNBC is reporting NASDAQ may be the exchange where the stock will trade.
The Robinhood app is popular for millennials allowing them to access the markets to trade stocks while offering zero-commission trading.
Robinhood became controversial when GameStop was pumped up by Reddit-driven retail investor on the Reddit Message Boards, Wall Street Bets. Robinhood came under fire when it restricted trading of certain securities due to increased capital requirements from clearing houses. Notably, GameStop (GME). Game stock has traded as high as $483 per share with a 52week low of $2.57.
Today Friday March 5th, GameStop (GME) has traded about 29.6 Million shares and closed is at $137.00 per share.
After the S-1 filing it takes about 30- 60days for an upcoming IPO date. Despite the GameStop trading frenzy, valuations could be extremely high. Recent bids for Robinhood shares show $52 per share, an increase from about $15 per share in September.
Robinhood gained approximately 3 million users last month.
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