Trading platform Robinhood Markets has begin searching for bank partners to assist it in an initial public offering that could be held in early 2021, according to Bloomberg.
Bloomberg’s sources indicated Robinhood has not yet committed to an IPO. It is, however, shopping for banks that could serve as advisers.
An IPO would seek to capitalize on Robinhood’s lucrative audience of first-time investors who flock to the firm’s popular stock trading platform. At last check the firm had a valuation of $11.7 billion.
Robinhood’s interest in an IPO comes as U.S stock indices soar to new heights. The bitcoin markets, to which Robinhood gives its users access, is also rallying of late.
Robinhood declined to comment.