Robinhood, the most popular trading app among a significant number of millennials and Gen Z has chosen Nasdaq Exchange, the popular tech-dominated stock exchange for its initial public offering, according to reports seen on CNBC.
Robinhood whose major mission is to “democratize” investing is viewed as the main gateway to many young stock traders especially in emerged markets to access the equity and crypto markets.
The company has increasingly gained popularity during the COVID-19, as homebound young people turned to online trading to pass the time and make money.
Though it’s important in noting that the stock trading app though has not yet officially filed for listing.
The report however failed to give clarity on what option Robinhood might choose to take in going public whether the direct listing or a traditional IPO option.
In addition, the American-based fintech company has lowered the obstacles many retail investors might have as its sets the stage for one of the biggest public debuts of the year.
That being said, all coast seems clear for the green-coloured trading app to file its S-1 with the U.S SEC.
Goldman Sachs, America’s most elite bank is advising Robinhood on this matter.
However, its recent role at the center of the so-called WallStreetBets has lately attracted a big question mark among leading politicians and regulators.
The U.S SEC had already investigated why Robinhood temporarily suspended a significant number of retail traders from trading GameStop (GME) and a few other stocks at that time amid abnormal gains seen in those assets in the review.