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Controversial trading platform Robinhood Markets Inc. has been reported to have plans to confidentially file for an initial public offering (IPO) by March this year.
According to a Bloomberg report, anonymous sources revealed that the famous platform behind Gamestop's extremely volatile movement held talks in the past weeks with underwriters about advancing a filing within weeks.
Robinhood has been aiming at an IPO in 2021 since last year but has stumbled on several roadblocks including fund shortage, a flurry of regulatory inquiries, and public backlash for its temporary trading halt to popular stocks like Gamestop.
The company became very popular during the heat of the pandemic as young people who now had a lot of free time turned to the trading platform trying to make money.
Reports are suggesting that Robinhood may be selling some of its shares directly to its own users in the IPO, which would be a big deal since retail investors are not usually given such an opportunity.