Robinhood seeks market valuation of up to $ 35 billion in its next IPO

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Robinhood is looking for a market valuation of up to $ 35 billion in its next public offering, according to a modified SEC filing.

The brokerage firm will look to sell in a range of $ 38 to $ 42 per share, according to the filing. The company is looking to sell 55 million shares in that range to raise up to $ 2.3 billion.

Robinhood – which plans to trade under the symbol “HOOD” on the Nasdaq – also updated several of its financial and user metrics in the updated filing. The company estimates it has 22.5 million funded accounts, up from 18 million in the first quarter of 2021.

The Menlo Park, Calif., Free trade pioneer estimates second-quarter 2021 revenue to be between $ 546 million and $ 574 million. This would represent a 129% increase in revenue from the $ 244 million made in the second quarter of 2020. The company generated $ 522 million in revenue in the first quarter if 2021.

Goldman Sachs, Citigroup and JPMorgan are the main underwriters in the transaction, among other banks.