Robinhood, a favourite among retail investors, is going public in an IPO with a valuation of $35 billion.

Robinhood, a favourite among retail investors, is going public in an IPO with a valuation of $35 billion.

After obtaining approval from the regulators, Robinhood will launch their IPO roadshow and begin meeting with investors next week.

Even as Robinhood Markets Inc. moves closer to launching its initial public offering, which will likely draw in buyers from its own novice investor base, the stock has not received much interest from analysts.

A filing with the U.S. Securities and Exchange Commission on Monday revealed that the company holding the stock of this year’s meme stock frenzy will market 55 million shares for $38 to $42 each. In March, at a reported $13 billion to $40 billion valuation, Bloomberg Intelligence concluded that Robinhood could be valued in that range.

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Robinhood will pay $70 million to settle a wide range of claims.

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The company plans to raise over $2 billion during its planned public offering, which is scheduled for later this summer. Setting the price range allows the company to go through its IPO roadshow, which starts this week. Whether demand exists from investors or not, the valuation of its stock could fluctuate.

As a publicly traded brokerage, Robinhood will join the ranks of industry heavyweight Charles Schwab Corporation, which bought competitor TD Ameritrade last year, and cryptocurrency trading platform Coinbase Global Inc., which debuted this year and is currently worth nearly $47 billion.

It’s estimated that Robinhood plans to raise $2.2 billion when it goes public, which would make it the fifth-largest IPO on a U.S. exchange in 2021. Thus far, 2016 has already established a new record for the number of companies that have raised a total of about $218 billion, according to Bloomberg data.

Because of the coronavirus pandemic, young people in their homes became homebound and began using online trading to pass the time and make money. In the first quarter of this year, 17.7 million monthly active users were reported, compared to 8.6 million in the first quarter of 2020.