Controversial online brokerage Robinhood is targeting a valuation of up to $35 billion U.S. for its upcoming initial public offering (IPO).
The Menlo Park, California-based company, which was at the centre of a retail-trading frenzy that gripped Wall Street earlier this year, is offering 55 million shares to raise over $2.3 billion U.S. in funds.
Shares of Robinhood are expected to be priced between $38 U.S. and $42 U.S., the company said in a news release.
Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. Its platform allows users to make unlimited commission-free trades in stocks, exchange traded funds (ETFs), options and cryptocurrencies.
The company was valued at about $30 billion U.S. in a funding round earlier this year.
Robinhood is pushing ahead with its stock market debut following a record 15-month run in the U.S. IPO market as investors rush to buy shares of high-growth technology companies.