According to an amended filing at the Securities and Exchange Commission (SEC) on Monday, Robinhood, the stock trading app, is looking at a market evaluation of nearly $35 billion in its initial public offering (IPO). The app is planning to sell its shares between $38 to $42 per share. It will attempt to sell 55 million shares to raise up to $2.3 billion.

The Menlo Park based online brokerage firm plans to trade on the Nasdaq under “HOOD.” It updated financial and user metrics In its amended filing. It estimates that it has 22.5 million funded accounts in Q2. Funded accounts are traditionally accounts that are related to a bank account. In the first quarter of 2021, the app had reported 18 million such accounts.

The pioneering disruptor was launched in 2014. It said that its mission is to “democratize” investing. It wanted to make trading easy and fun and successfully did so. New and younger traders have entered the stock market as investors due to the ease of operations in apps such as Robinhood. The pandemic fueled its growth as the number of traders increased exponentially especially during the GameStop. market frenzy.

Robinhood offers equity, cryptocurrency and options trading. It also has cash management accounts. It is expected to make its debut IPO by the end of the month. It has a few strong competitors such as Charles Schwab with a market capital of $ 130 billion and Interactive Brokers with a value of $26 billion.

In September, the stock trading app was valued at $11.7 billion. However, it sees its current value and three times its earlier value. It has estimated its second quarter revenue would be between $546 and $ 574 this year while last year’s Q2 revenue was $244. This is a $129 percent increase from Q2 in 2020 but the company has also estimated a net income loss of $537 to $487 million in Q2, 2021 whereas Q2 in 2020 was profitable.

CNBC rated it as the top company this year in its “CNBC Disruptor 50 List.”