Robinhood’s $1.9 Billion Initial Public Offering

Cravath represented Robinhood in its initial public offering, while Davis Polk advised the representatives of the several underwriters.

Robinhood raised approximately $1.9 billion of net proceeds in the IPO. Shares began trading on July 29, 2021 on the NASDAQ exchange.

Goldman Sachs & Co. LLC and J.P. Morgan acted as joint lead book-running managers for the offering. Barclays, Citigroup and Wells Fargo Securities acted as additional book-running managers for the offering.

Robinhood Markets is on a mission to democratize finance for all. With Robinhood, people can invest with no account minimums through Robinhood Financial LLC, buy and sell crypto through Robinhood Crypto LLC, and learn about investing through easy-to-understand educational content. Robinhood aims to build the most trusted and most culturally relevant money app worldwide.

The Cravath team included partners Andrew J. Pitts (Picture) and D. Scott Bennett and associates Claudia J. Ricciardi, Ellen H. Park, Margaret R. Fleming and Courtney T. Seager on capital markets matters; partners John W. White, Mark I. Greene, Thomas E. Dunn and Aaron M. Gruber, of counsel Kimberley S. Drexler and associates Ashley Gust, Kyra E. Ferber and Katharine E. Waldman on corporate governance and board advisory matters; partners Stephen L. Gordon and J. Leonard Teti II and associate Andrew T. Davis on tax matters; partner Jonathan J. Katz, of counsel Nicole F. Foster and associates Anna Mikaelyan and David Crampton on executive compensation and benefits matters; and partner David J. Kappos and associates Rohan E. George and Pedraam Mirzanian on intellectual property matters. Glory P. James, Jason O. Rooindej, William Tong and Cierra Coury also worked on capital markets matters and Julia Nagle worked on corporate governance and board advisory matters.

The Davis Polk corporate team advising Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC included partners Byron B. Rooney and Emily Roberts, counsel Dan Gibbons and associate Joseph G. Marano. Partner Zachary J. Zweihorn provided broker-dealer and crypto regulatory advice. The tax team included partner Mario J. Verdolini. Partners Pritesh P. Shah and Matthew J. Bacal provided intellectual property advice. The executive compensation team included partner Adam Kaminsky. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Scott Bennett – Cravath Swaine & Moore; David Crampton – Cravath Swaine & Moore; Andrew Davis – Cravath Swaine & Moore; Kimberley Drexler – Cravath Swaine & Moore; Thomas Dunn – Cravath Swaine & Moore; Kyra Ferber – Cravath Swaine & Moore; Margaret Fleming – Cravath Swaine & Moore; Nicole Foster – Cravath Swaine & Moore; Rohan George – Cravath Swaine & Moore; Stephen Gordon – Cravath Swaine & Moore; Mark Greene – Cravath Swaine & Moore; Aaron Gruber – Cravath Swaine & Moore; Ashley Gust – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Jonathan Katz – Cravath Swaine & Moore; Anna Mikaelyan – Cravath Swaine & Moore; Pedraam Mirzanian – Cravath Swaine & Moore; Ellen Park – Cravath Swaine & Moore; Andrew Pitts – Cravath Swaine & Moore; Claudia Ricciardi – Cravath Swaine & Moore; Courtney Seager – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Katharine Waldman – Cravath Swaine & Moore; John White – Cravath Swaine & Moore; Matthew Bacal – Davis Polk & Wardwell; Dan Gibbons – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Joseph Marano – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Zachary Zweihorn – Davis Polk & Wardwell;

Law Firms: Cravath Swaine & Moore; Davis Polk & Wardwell;

Clients: Goldman Sachs & Co.; J.P. Morgan Securities LLC; Robinhood Markets Inc;

Author: Martina Bellini