Robinhood raises $2.1 billion in IPO amid "meme" stock trading frenzy

Photo: Reuters

Robinhood Markets Inc, the owner of the trading app which emerged as the go-to destination for retail investors speculating on this year’s ‘meme‘ stock trading frenzy, raised $2.1 billion in its initial public offering on Wednesday.

The company was seeking to capitalise on individual investors’ fascination with cryptocurrencies and stocks such as GameStop Corp, which have seen wild swings after becoming the subject of trading speculation on social media sites such as Reddit. Robinhood’s monthly active users surged from 11.7 million at the end of December to 21.3 million as of the end of June.

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