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| Photo: AP
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The price of $ 38 is at the lower end of the planned price range, but it still makes the company, which is popular among young beginning investors, one of the best-awarded companies entering the American stock market this year.
The set price valued the company at $ 31.8 billion. It is thus larger in terms of the market than its more traditional competitors, such as Charles Schwab. Unusually, Robinhood has announced that 20 to 35 percent of the shares will be reserved for users of its application.
Robinhood estimates it will have 22.5 million functional accounts linked to bank accounts in the second quarter. There were 18 million of them in the first quarter, which represented a year-on-year increase of 151 percent.
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In the revised prospectus, the company estimates second-quarter revenue of $ 546 million to $ 574 million, compared to $ 244 million in the second quarter last year. In the first three months of this year, the company increased sales by 309 percent to $ 522 million. But he also expects to be at a loss from April to June.
Robinhood was founded in 2013 by Stanford University roommates Vladimir Tenev and Baiju Bhatt. The company allows users to trade stocks, ETFs, options and cryptocurrencies. Its popularity skyrocketed during the pandemic, when young people, locked up at home, decided to spend time at its business application and try to make money. Speculative trading in shares of companies such as the AMC cinema operator or the GameStop video game retailer has attracted the attention of regulators and legislators to the platform.
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