(Bloomberg) — Robinhood Markets, the trading platform that’s proved popular with novice investors, has asked banks to pitch for roles in an initial public offering, according to people with knowledge of the matter.
The company is aiming to go public as soon as the first quarter of 2021, said the people, who asked not to be identified because the information is private.
The company’s plans could change and it might decide not to pursue an IPO, the people said.
A representative for Robinhood declined to comment.
Robinhood raised an additional $460 million in a series G funding round, lifting its valuation to $11.7 billion, the company said in September. Robinhood’s investors include Sequoia, DST Global, Ribbit Capital, Andreessen Horowitz, Index