Trading platform Robinhood is reportedly preparing to publish filings for its initial public offering as soon as next week as it gears up to go public next month.
The commission-free app, which saw its popularity surge following a retail trading frenzy during the pandemic, is targeting late June for its float, Bloomberg reported.
Read more: Robinhood, at the heart of retail trading frenzy, files for own IPO
The filings will give potential investors a first look at its finances. Robinhood previously submitted confidential documents to the
Robinhood, which was founded in 2013, has cashed in on higher demand from retail traders, including through the so-called meme stock craze that drove up shares in companies such as
It has attracted interest from housebound amateur traders drawn in by its simply interface and lack of commission.
A filing earlier this month revealed its payment for order flow — its largest source of revenue — more than tripled in the first quarter to
According to a Reuters report, the company is planning a way to allow its users to invest in initial public offerings — a market traditionally restricted to institutional investors.
The move, which is tipped as a way of “democratising” stock trading, would include its own stock market float.
But Robinhood is also facing regulatory scrutiny amid concerns it was encouraging the “gamification” of trading.
Read more: Robinhood executives join Reddit traders in grilling over
In January it came under fire over its decision to restrict trading of certain shares linked to the meme stock craze following a short squeeze that sparked billions of dollars in losses for hedge funds.
Robinhood has set aside
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