Online trading maverick firm Robinhood has issued a brief statement (full text below), confirming market speculation that the company had indeed filed confidential paperwork with US regulators for an initial pubic offering (IPO). While Robinhood did not disclose its choice of exchange, speculation continues that it will go the NASDAQ route, instead of the NYSE.

The company also didn’t give any indication as to the valuation it expects, or the size of the offering. In its last financing round Robinhood raised $3.4 billion valuing the company in the $12-13 billion range. Last week rival eToro announced plans to go public, via a SPAC merger, at a valuation of just over $10 billion.

There was likewise no hint regarding the timing of a Robinhood IPO, but the language seems to indicate a late Q2 / early Q3 offering.

The statement issued late Tuesday by Robinhood reads as follows:

March 23, 2021

Robinhood Markets, Inc. Confidentially Submits Draft Registration Statement

Robinhood Markets, Inc. has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.