Robinhood's IPO looks to give it a valuation of $33 billion and it will raise around $2 billion in proceeds. The company's growth is decelerating, however, and its valuation is lower than Robinhood expected.
China is looking to tighten regulations with offshore listings. This is causing ByteDance (China's TikTok equivalent) to hold off on its IPO for now until it complies with China's data security concerns.
In gearing up for its IPO, Robinhood disclosed that 81% of its first-quarter revenue came from payment for order flow (PFOF). Regulation on PFOF could hinder Robinhood's ability to offer zero-commission trades.