Robinhood Markets Inc. filed for an initial public offering, disclosing it became profitable last year only to have its losses skyrocket in the first quarter amid the so-called meme stock frenzy, in what’s expected to be one of the highest-profile listings the year.
The company, which pitches its trading platform to novice investors, listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Thursday’s registration statement follows Robinhood’s announcement in March that it had filed confidentially to go public.
Robinhood said it generated net income of $7.45 million on net revenue of $959 million in 2020, compared with a loss of $107 million on $278 million the previous year, according to the filing.
The company’s revenue surged during the first quarter, exceeding $522 million compared with $128 million for the same period last year, according to the filing. Its losses rose astronomically, though, from $53 million for the three months ended March 31, 2020, to $1.44 billion in the most recent quarter.
Read more at Bloomberg.