Robinhood Readies $2.2B IPO Guided By Cravath, Davis Polk

By Emma Whitford (July 19, 2021, 11:56 AM EDT) -- Trading app Robinhood Markets Inc. set a price range on Monday for an initial public offering estimated to raise more than $2.2 billion, with guidance from Cravath Swaine & Moore LLP and underwriters' counsel Davis Polk & Wardwell LLP.

Marking the latest step toward the closely watched IPO, Robinhood and its existing shareholders plan to offer 55 million shares priced between $38 and $42, according to a registration statement filed with the U.S. Securities and Exchange Commission.

The offering will include nearly 52.4 million shares from the company and more than 2.6 million from stockholders, according to the statement. Underwriters will...

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