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Robinhood Targets $35 Billion IPO

Last year, Robinhood's revenue soared 245% to $959 million.

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The stock trading app announced plans to raise as much as $2.3 billion when it goes public, reports CNN. According to an amended prospectus, the stock could sell between $38 and $42 per share, giving the company an estimated market value range of $27 to $35 billion. That would make Robinhood more valuable than most of the companies in the S&P 500.

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The IPO comes as the company grapples with several legal and communications hurdles.

Robinhood's business structure is facing scrutiny by regulators after retail investors trading on the platform caused wild price swings in stocks like GameStop earlier this year.

Related: 4 Reasons To Get Bullish On Oil And Energy Stocks

Robinhood received a record fine last month on charges it misled investors and recently settled with the familly of a trader who committed suicide after misinterpreting what he thought was a large debt in his account.

Critics also contend the company's payment structure creates conflicts of interest.

The company is also warning that a slowdown in cryptocurrency trading could impact its third quarter revenues.

Robinhood, whose IPO could come as soon as next week, plans to list on the Nasdaq and trade under the ticker symbol HOOD.

Related: Robinhood Fined a Record $70 Million Over "Serious" Violations

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