Robinhood files for IPO

Robinhood Inc. – a 2013-founded commission-free investment and trading app – has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) and plans to go public later this year.

"Robinhood Markets, Inc. has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions," the company's statement read.