Robinhood Markets Inc. is seeking to raise $1 billion in an initial public offering of a closed-end fund designed to give US retail investors access to private companies, as the brokerage associated with meme stocks chases the latest frenzy.
The Menlo Park, California-based firm is offering 5 million shares of Robinhood Ventures Fund I, and the fund itself will sell 35 million shares, priced at $25 apiece, according to a statement Tuesday. Investors on Robinhood’s platform can place requests for IPO shares starting from Feb. 17, ahead of trading on Feb. 26, according to a marketing presentation.
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