Shares fell by over 8% on the first day – a “limp opening” in “stark contrast” with Robinhood’s “stratospheric growth since the start of the pandemic”, during which it has “won over an army of fans, particularly among younger investors”, doubling its customer base to 31 million. Hundreds of thousands signed up, only to see it flop. It was a fittingly “unconventional listing”: the company offered a third of its shares to its own customers. Robinhood marched its merry men to Wall Street last week in one of Nasdaq’s biggest IPOs in years, valuing the disruptive online brokerage at $32bn, said James Phillipps on Citywire.
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