As the dust settles only slightly on the ridiculous fracas of skyrocketing GameStop stocks that took place earlier this year, a lot more eyes are meticulously upon publicly available stock trade app Robinhood. A part of this is the app’s use in trade and subsequent questionable decisions regarding GameStop stock, but a more recent development is that the company behind the app may be preparing for an initial public offering (IPO). What’s more, a more recent development alleges that Robinhood may be leaning towards the NASDAQ for its IPO.
This latest development comes out of CNBC, who recently reported on Robinhood’s alleged NASDAQ leanings according to sources close to the situation. It was just a few days ago when it came to light that Robinhood might have been confidentially preparing an IPO for listing, utilizing the aid of the Goldman-Sachs Group. Though Robinhood has not yet filed the listing and the company and the NASDAQ declined to comment on the matter at this time, various sources have indicated that Robinhood may be aiming to list the IPO as early as this March 2021 at a value of around $20 billion.
Robinhood has seemingly bounced back from turmoil following the chaotic issues it had with the organized trading of GameStop stock orchestrated by groups like Subreddit WallStreetBets. While decisions like ceasing trade on GameStop stock drew ire and prompted a US Congressional hearing, Robinhood also managed to secure billions of dollars in investment from shareholders and further investors to cover its losses and provide stability in the midst of the turmoil.
It remains to be seen where Robinhood goes from here in the immediate future, but if the ongoing reports and rumors are any indication, we could see big moves from the stock trade app company before the end of this month. Stay tuned as we continue to follow this story for further updates and information.