Trading app Robinhood Markets says it filed confidentially for IPO

Robinhood Markets, the popular trading app, has filed papers for an initial public offering (IPO) with the US Securities and Exchange Commission, according to people familiar with the matter.

 

Robinhood is moving forward with its IPO although its listing plans could change, said the people, who asked to not be identified because the matter isn’t public.

 

Bloomberg News previously reported that Robinhood was planning to file for an IPO this month. The company has selected Nasdaq as the venue for its listing, people familiar with the matter have said.

 

A representative for Robinhood, based in Menlo Park, California, declined to comment.

 

Robinhood became immensely popular during the coronavirus pandemic, particularly as homebound young people turned to online trading to pass the time and make money.

 

China’s Didi leans towards New York for IPO

 

China's top ride-hailing firm Didi Chuxing is leaning toward picking New York over Hong Kong for its IPO, eyeing a valuation of at least $100 billion via the float, two people with knowledge of the matter said. Didi has also discussed the option of listing via a special-purpose acquisition company, sources said.

 

GameStop tumbles as firm mulls share sale

 

Shares of GameStop fell more than 14 per cent on Wednesday after the retailer said it might cash in on a meteoric rise in share price to fund its e-commerce expansion. GameStop has surged nearly 900 per cent so far this year and at the peak of the trading frenzy on January 28, the shares had touched $483 a piece.