Robinhood sees a market valuation of as much as $ 35 billion within the upcoming IPO

Robinhood is targeting a market valuation of up to $ 35 billion on its upcoming IPO, according to an amended SEC filing released Monday.

The stock trading app will attempt to sell its stock in a range of $ 38 to $ 42 per share, according to the updated prospectus. Robinhood plans to sell 55 million shares in that range to raise up to $ 2.3 billion.

Robinhood’s last private market valuation was $ 11.7 billion in September.

Goldman Sachs, Citigroup and JPMorgan are the lead underwriters on the transaction.

Robinhood – which plans to trade on the Nasdaq under the symbol HOOD – also updated several of its financial and user metrics on the filing. The company estimates it had 22.5 million funded accounts – those tied to a bank account – in the second quarter, up from 18 million in the first quarter of 2021.

The free trade pioneer based in Menlo Park, California, estimates sales in the second quarter of 2021 at between $ 546 million and $ 574 million. That would be a 129% increase from $ 244 million in the second quarter of 2020. The company had revenue of $ 522 million in the first quarter of 2021.

However, Robinhood estimates a net income loss of $ 537 million to $ 487 million in the second quarter of 2021, compared to a profitable second quarter in 2020.

Robinhood ‘, whose long-standing mission is to “democratize” investment, is recognized as the main gateway to markets for young investors. The app saw record numbers of new, younger traders going public during the pandemic and GameStop trading mania.

Robinhood’s competitors include Fidelity, Charles Schwab, Interactive Brokers, and startups like Webull and Sofi. Charles Schwab has a market capitalization of $ 130 billion and Interactive Brokers a market valuation of $ 26 billion.

Robinhood – which offers stock, cryptocurrency, and options trading, as well as cash management accounts – is slated to make its public debut late next week.

Robinhood is a five-time CNBC Disruptor 50 company that topped this year’s list.

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