Robinhood might confidentially file for IPO in March: Report

This photo illustration shows the logo of trading application Robinhood on a mobile phone in Arlington, Virginia on January 28, 2021. (PC-AFP)

Online trading platform Robinhood might confidentially file for an initial public offering (IPO) as soon as March.

California-based Robinhood Markets has held talks with underwriters, but a final decision has not been made and the timing of the listing could change, Bloomberg reported.

Moneycontrol could not independently verify the story.

A representative for Robinhood declined to comment when contacted by Bloomberg.

Robinhood recently drew criticism after temporarily halting trading in shares of GameStop and other companies, after retail investors caused a spike in shares that were shorted by hedge funds.

The trading platform has become popular during the pandemic and recently raised $3.4 billion from investors.

Robinhood was valued at $11.7 billion during a financing round in 2020, Bloomberg reported. The company has been eyeing a stock market debut since at least last year, according to the report.

The GameStop saga has brought Robinhood under the scrutiny of US lawmakers and the US Securities and Exchange Commission, with CEO Vladimir Tenev recently testifying before the US House Financial Services Committee.