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U.S. online broker Robinhood files IPO request on Nasdaq


Robinhood filed an initial public offering (IPO) application on Nasdaq on Thursday. The U.S. online broker wants to list shares under the ticker "HOOD".

IPO documents show that the company has 17.7 million monthly active users and $81 billion in assets in custody.

Robinhood posted a net loss of $1.4 billion in the first quarter, compared with a loss of $52.6 million in the same period a year earlier. Revenue rose from $127.6 million to $522.2 million on the same comparison basis.

The resources of the sale of papers will be used to pay debts and for general corporate purposes. The company plans to have three classes of shares with different voting rights. Robinhood founders Baiju Bhatt and Vladimir Tenev are expected to retain control of the company.

"Our mission is to democratize finances for all," the company said in its prospectus. The operation is led by Goldman Sachs and JPMorgan.

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