Online investment platform Robinhood Markets is targeting a valuation of up to $35bn (£25bn, €30bn) in its initial public offering (IPO) in the US.
The firm had previously aimed for an IPO valuation of up to $40bn, according to newswire Reuters.
The company said that around 55 million shares with be offered with pricing expected to range between $38 and $42. This would allow Robinhood to raise more than $2.3bn if it sticks to the range.
Over 3.6 million of those shares are being offered by the firm’s founders and chief financial officer, and those proceeds will not go to Robinhood.
The investment arm of software provider Salesforce, Salesforce Ventures, is looking to buy up to $150m worth of Class A common shares, according to a filing seen by Reuters.
Between 20% to 35% of shares will be allocated to users of Robinhood’s trading app, depending on demand from customers and other investors.
Robinhood will present its IPO plans at a public event on 24 July 2021 to answer questions from potential investors.
