Robinhood Submits IPO Paperwork for Regulatory Approval

American securities brokerage Robinhood Markets, Inc. (Robinhood) announced on Tuesday that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its common stock.

The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

Robinhood is an online brokerage providing free stock, options, ETF and cryptocurrency trades, as well as fractional shares and cash management accounts. The stock-trading app caters especially to active investors looking for commission-free trading opportunities and mobile investing access.

Last year, retail investments on Robinhood increased massively as the market bottomed-out due to COVID-19. Over the course of the year, the online broker has also been slapped heavy fines and penalties by the US regulatory body for violations, such as failure to protect customers and misleading customers. Despite such problems, the SEC regulated brokerage had been eyeing an IPO for long. Earlier this month, Fazzaco has reported that Robinhood planed to file confidentially for an initial public offering​ (IPO) by the end of March.