Robinhood Markets Inc., the leading online brokerage company for stock trading, had a nightmare debut on the stock exchange yesterday. The fintech company listed on the Nasdaq Stock Exchange under the ticker name “HOOD.”
Shares in the brokerage fell 8.4% below its IPO price in the company’s first trading session. That’s the worst debut on record among 51 US firms that raised as much cash as Robinhood or more, according to data by Bloomberg.
Robinhood raised $1.9-billion in an initial public offering(IPO) yesterday.
Robinhood’s IPO has been anticipated since the earlier filing of a confidential IPO on March 23, 2021. Filing the confidential IPO allowed Robinhood’s executives to keep their key financial information from their competitors until they decided to proceed with the IPO …