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Robinhood brokerage app expected for its first steps on Wall Street

2021-07-29T04:23:31.302Z

The group will issue some 52.37 million shares at a price of $ 38 per unit. An operation that values ​​the application at around 32 billion dollars.



The online broker Robinhood is about to take its first steps on the New York Stock Exchange Thursday, July 29 in a transaction that values ​​the favorite application of young American stock marketers at around 32 billion dollars.

The stock will be listed on the Nasdaq under the sign "HOOD".

The group will issue some 52.37 million titles at a price of $ 38 per unit, according to a statement released Wednesday evening.

Once the fees are removed, he will recover $ 1.89 billion in new money.

The two co-founders and the CFO will sell 2.65 million of their own shares.

Read also: Have amateurs taken control of Wall Street?

Created in 2013, with the stated credo of “

democratizing finance for all”

, Robinhood, in the name of “Robin Hood”, has shaken up the world of finance by offering its users stock market transactions without commission fees.

The rest of the major online brokers followed suit.

At the end of March 2021, the company had 18 million users and was processing $ 80 billion in assets.

She posted her first profits in 2020.

The app also caught the attention of lawmakers and the stock market regulator, the SEC, as part of the wave of speculation that rocked Wall Street earlier this year around GameStop stock.

A rare occurrence for its introduction on the market, Robinhood reserves for its users between 20% and 35% of new shares issued, so that its clients also become shareholders.

Source: lefigaro

All business articles on 2021-07-29

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