UPDATE: Robinhood files for IPO with plan to list on Nasdaq under ticker symbol ‘HOOD’

Robinhood Markets, the trading app that has grown rapidly during the pandemic, filed for an initial public offering on Thursday with plans to list on Nasdaq under the ticker symbol “HOOD.” There are 17 banks in the underwriting syndicate, led by Goldman Sachs and JPMorgan . The filing documents show the company has 17.7 million monthly active users and $81 billion in assets under custody. It posted a net loss of $1.4 billion in the first quarter, compared with a loss of $52.6 million in the year-earlier period. Revenue climbed to $522.2 million from $127.6 million. Proceeds of the deal will be used to repay debt and for general corporate purposes, according to IPO documents. The company is planning to have three classes of stock with differing voting rights. Founders Baiju Bhatt and Vladimir Tenev are expected to retain control. It will retail 20% to 35% of its Class A stock for retail investors. “Our mission is to democratize finance for all,” the company says in its prospectus. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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