Robinhood is seeking advisers for a potential initial public offering in the first quarter of 2021 and has asked banks to pitch for roles, according to Bloomberg, citing people with knowledge of the matter.
Robinhood is the stock trading app that became the first widely used broker to offer zero-fee trading. It currently has a valuation of $11.2 billion, according to Bloomberg.
There is no timeline for the IPO. The app has experienced some outages during the recent major market moves.
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