Robinhood Markets Inc is planning to raise more than US$2 billion in its initial public offering expected later this summer in a listing that will likely attract buyers from ranks of its own novice investors.

The trading app company at the centre of this year’s meme stock frenzy said in a filing Monday, July 19, with the US Securities and Exchange Commission that it will market 55 million shares for US$38 to US$42 each.

At the top of that range, Robinhood would have a market value of about US$35 billion based on the outstanding shares listed in its filings.

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