(WSJ) Robinhood Markets Inc. is expected to start trading on the Nasdaq exchange on Thursday after pricing its IPO at the bottom of range at $38 per share.
Robinhood had placed its IPO at $38 to $43 per share, with the bottom of the range selection at the low end of expectations amid a highly anticipated debut.
The selection of the bottom range pricing reflects concerns of Robinhood’s overvaluation by some investors and a conservative approach by the company and its underwriters to allow a successful debut.
Robinhood was concerned that its decision to stop users from trading in meme stocks such as GameStop earlier this year could keep off some investors.
The online brokerage firm expects some executives to dispose 55 million shares, allowing the IPO to yield more than $2 billion.
Robinhood will trade under ticker “HOOD” and will be valued at as much as $32 billion at the IPO price range.
