The move is novel because IPOs are usually organized and allocated in mostly secret backroom deals between large Wall St. investment banks and their top clients. Success would mean a rebuke to naysayers and market traditionalists, and help Robinhood rebound from a year of bad press over the malcontents among its social media following, a shutdown early this year, as well as regulatory scrutiny and fines.
The shares have been priced at US$38 to US$42 each, giving the company a potential value of US$35 billion.
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