Robinhood reveals financial, legal bruises in IPO filing

The online brokerage, which was at the center of a confrontation between a new generation of retail investors grouping on social media and Wall Street hedge funds in late January, is aiming for an IPO valuation of over US$40 billion

NEW YORK: Robinhood Markets Inc on Thursday set the stage for its hotly anticipated stock market launch, after settling legal fines it said were unlikely to be its last and revealing a massive surge in growth in its initial public offering filing.

The online brokerage, which was at the center of a confrontation between a new generation of retail investors grouping on social media and Wall Street hedge funds in late January, is aiming for an IPO valuation of over US$40 billion, Reuters previously reported.