Robinhood has finally dropped its S-1/A. If you want to pour through the details yourself—as I certainly will miss something that is pertinent to your curiosity—you should tap here.
Now, onto the broad numbers!
- The company intends to sell its shares between $38 and $42.
- It’s targeting a valuation of $35 billion, according to CNBC.
- Robinhood pulled in over $522 million in Q1 2021. In the same period of 2020, it pulled in a comparatively measly $128 million. Much of that revenue growth is thanks to wild crypto activity in Q1 2021.
- “The company’s adjusted EBITDA for the second quarter is expected to range from $59 million to $103 million,” according to TechCrunch’s Alex Wilhelm.
The general narrative is that Robinhood’s IPO should be a success, and it’s possible it may even raise its pricing range before its debut. I think this is the most likely scenario as well.
However, Robinhood’s SEC troubles abound, and its business model based on payment order flow is under increased scrutiny. It’s not impossible a heavy dose of bad news drops before the IPO, scuttling a host of well-laid plans.