(Reuters) -Robinhood Markets Inc is targeting a valuation of up to $35 billion in its initial public offering in the United States, the company reveal

Robinhood seeks up to $35 billion valuation in mega U.S. IPO

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2021-07-19 14:00:08

(Reuters) -Robinhood Markets Inc is targeting a valuation of up to $35 billion in its initial public offering in the United States, the company revealed in a filing on Monday, setting the stage for one of the highly anticipated stock market listings of the year.

The listing plans come just months after the online brokerage found itself at the center of a confrontation between a new generation of retail investors and Wall Street hedge funds in late January.

About 55 million shares are being offered in the IPO to raise over $2.3 billion. Nearly 2.63 million of those shares are being offered by the company's founders and chief financial officer, the filing showed. Proceeds from those will not go to Robinhood.

Salesforce Ventures, the investment arm of software provider Saleforce.com Inc, is looking to purchase up to $150 million worth of Class A common stock at the IPO price, the filing showed.

Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. They will hold a majority of the voting power after the offering, the filing showed, with Bhatt having around 39% of the voting power of outstanding stock while Tenev will hold about 26.2%.

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