Robinhood raises less than it had hoped in IPO

The fast-growing trading company failed to raise as much money as it had hoped. Robinhood’s initial public offering priced at $38 a share, the low end of the expected range. That suggests demand for the controversial company may have been softer than anticipated. The deal values Robinhood at about $32 billion, making it more valuable than major companies including Nasdaq (NDAQ), Southwest Airlines (LUV) and Kroger (KR). That’s well above the $12 billion price tag Robinhood scored in its most recent round of private funding. And yet Robinhood failed to hit the $35 billion valuation it had coveted. The IPO is raising $2.1 billion and Robinhood is expected to

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