Robinhood Markets Inc. HOOD, has set terms forits initial public offering, in which the California-based retail trading app could be valued at up to $35.10 billion. The company is offering 52.375 million Class A shares in the IPO, which is expected to price between $38 and $42 a share, to raise $2.20 billion. Selling stockholders, which include its founders and Chief Financial Officer, are offering an additional 2.625 million shares in the IPO to raise $110.25 million. The company expects to have a total of 835.68 million shares outstanding after the IPO, including 703.87 million Class A shares. The underwriters are led by Goldman Sachs and J.P. Morgan. The company is looking to go public at a time of tepid relative investor demand for IPOs, as the Renaissance IPO ETF IPO, -0.54% has declined 4.3% over the past three months while the S&P 500 SPX, -1.63% has gained 3.9%.