Financial service provider and owner of Robinhood trading app Robinhood Markets Inc. (HOOD) raised $2.1 billion from its much anticipated initial public offering which took place this week.
This much talked about IPO leaves the company with a market valuation of $31.8 billion. The company priced its shares at $38 per share in the IPO in which it claims having sold a cumulative of 55 million shares.
This IPO share price was sitting at the lower end of the price range $38 to $42 the company had given earlier has its IPO price range. This IPO lists Robinhood among valuable United States companies which have hit the IPO this year so far.
In what seems to be unpopular move, the company said it would reserve 20% to 35% of its outstanding shares to users of its trading platform. Users of Robinhood become a topic of discussion after pumping some stocks like GameStop Corp. (GME) which registered a wild rally in under a week.
The trading platform of the company has become a darling to many retail traders since it gives them an opportunity to make unlimited commission free trades in stocks, exchange-treded funds (ETFs), cryptocurrencies and options.
Going forward, shares of the company will be trading on NASDAQ under the ticker symbol ‘HOOD’.