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Robinhood files confidential IPO

Economy, Finance

Robinhood Markets Inc. confirmed late Tuesday that it has filed for a confidential initial public offering with the Securities and Exchange Commission. The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions, it said. Bloomberg reported the confidential IPO plans earlier Tuesday. Robinhood has been in the limelight lately as the platform of choice for trading in volatile so-called “meme stocks,” prompting members of Congress to argue for more SEC oversight into the company’s business model.

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