Robinhood Markets Inc. is targeting an improved valuation of $35 billion in its initial public offering in the U.S., according to a report released by Reuters on Monday.

  • The listing plans come months after the online brokerage firm was at the center of confrontation between young retail investors and Wall Street Hedge Funds in January.
  • Initially, Robinhood was seeking an IPO valuation of close to $40 billion.
  • The company will offer around 55 million shares in the IPO to raise over $2.3 billion in the capital. About 2.3 million of the shares are being offered by the founders and chief executive officer, and the proceeds will not go to Robinhood.
  • The IPO share prices are to be set between $38 and $42.
  • Salesforce Ventures, the investment division of software provider Salesforce.com Inc., will acquire $150 million of Class A common stock at the IPO price.

Robinhood was started in 2013 by Standford University Roommates Vlad Tenev and Baiju Bhatt. The two founders will hold a majority of the voting power after the IPO.