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Robinhood Markets has selected Goldman Sachs to take the lead on preparing the stock-trading app for an initial public offering as soon as next year, an effort that could value the company at more than $20 billion.
Citing people familiar with the matter, Reuters reported on Wednesday that the IPO would come in 2021, cautioning that the exact timing and valuation will be subject to market conditions.
Robinhood was valued at $11.7 billion in its last private fundraising round in September.
The IPO talk comes amid a slew of red-hot listings by technology companies in 2020, including DoorDash (DASH) - Get Report, which is set to go public on Wednesday at $102 a share.
It also follows other big-tech IPOs, including data warehouse company Snowflake (SNOW) - Get Report, data analytics firm Palantir Technologies (PLTR) - Get Report, virtual building video game giant Roblox and ContextLogic, the parent of online retailer Wish. Home-rental platform Airbnb is expected to price its shares Wednesday evening.
Popular among younger traders, particularly millennials, Robinhood's platform allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.