Robinhood priced its public offering at $38 per share last night, the low end of its IPO range. The company was worth around $32 billion at that price.
But once the U.S. consumer investing and trading app began to allow investors to trade its shares, they went down sharply, off more than 10% in the first hours of its life as a floating stock. Robinhood recovered some in later trading, but closed the day worth $34.82 per share, off 8.37%, per Yahoo Finance.
The company sold 55,000,000 shares in its IPO, generating gross proceeds of $2.1 billion, though that figure may rise if its underwriting banks purchase their available
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