Here’s what we learned from the Robinhood IPO roadshow

Robinhood Markets Inc is set to go public later this week on Thursday. The financial services firm will list its shares on the Nasdaq Stock Exchange under the ticker symbol “HOOD”, at a per-share price of $38 to $42.

Robinhood is targeting a valuation of $35 billion. Out of the 55 million shares on offer, up to 35% are reserved for retail investors.

Highlights from Robinhood’s IPO roadshow

Ahead of the IPO, CEO Vladimir Tenev acknowledged the demand for retirement accounts on the virtual roadshow and said that the “firm was interested in expanding into IRA and Roth IRA accounts”. Robinhood is also working on wallets for cryptocurrency users that would let them hold their own digital assets, reported CNBC’s Kate Rooney on Monday.

The Menlo Park-based company’s management reiterated on the IPO roadshow that Robinhood was not a brokerage firm but a “single money app”. Commenting on the future of retail trading, CFO Jason Warnick said:

Robinhood wants to diversify its sources of revenue

According to CEO Tenev, Robinhood also wants to diversify its sources of revenue beyond payment for order flow. To that end, the U.S. firm will explore opportunities in spending and savings products.