Retail investor favourite Robinhood seeks $35bn valuation in IPO

Robinhood will now proceed with its IPO roadshow and is expected to start meeting with investors this week.

Robinhood Markets Inc. is seeking a valuation of $35 billion in its initial public offering, just short of the highest analyst projections, as the free trading app advances toward a debut likely to draw in buyers from its own novice investor base. The company at the center of this year’s meme stock frenzy will market 55 million shares for $38 to $42 each, according to a filing Monday with the U.S. Securities and Exchange Commission. Bloomberg Intelligence in March estimated that Robinhood could be valued in a range of $13 billion to $40 billion. Robinhood aims to raise more than $2 billion in its public debut, planned for later this summer. With the price range set, it will now proceed with its IPO roadshow and will start meeting with investors this week. Its valuation could still change depending on demand from investors.