Stock sale will put trading app\u0027s customers on \u0027equal footing\u0027 with Wall St. insiders
The move is novel because IPOs are usually organized and allocated in mostly secret backroom deals between large Wall St. investment banks and their top clients. Success would mean a rebuke to naysayers and market traditionalists, and help Robinhood rebound from a year of bad press over the malcontents among its social media following, a shutdown early this year, as well as regulatory scrutiny and fines.
The shares have been priced at US$38 to US$42 each, giving the company a potential value of US$35 billion.
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