Robinhood Clinches $32 Billion IPO Ahead of Nasdaq Debut

Robinhood’s stock will begin trading Thursday on Wall Street, the very place the online brokerage has rattled with its stated goal of democratizing finance. Through its app, Robinhood has introduced millions to investing and reshaped the brokerage industry, all while racking up a long list of controversies in less than eight years.

Robinhood Markets and three of its executives are selling up to 60.5 million shares of its stock in the initial public offering, with trading expected to begin on the Nasdaq under the ticker symbol “HOOD.” It was priced late Wednesday at $38 a share, the low end of its expected range of $38 to $42, perhaps a sign of tepid investor interest. That price puts the company’s total value at close to $32 billion.

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Source: Las Vegas Sun