55 Million Shares of Robinhood Sold on Nasdaq
On July 29, an initial public offering (IPO) of the Robinhood stock and cryptocurrency trading application, Robinhood, went live on the Nasdaq exchange. Bidding closed at $34.82 and the capitalization fell to $29 billion.
The company set the start bidding price for HOOD at $38. And the market valuation was about $32 billion.
According to Bloomberg, Robinhood has offered 55 million Class A shares to investors. Co-founders Vlad Tenev and Baiju Bhatt have officially become billionaires with fortunes of $2.4 billion and $2.8 billion, respectively. After the start of trading, the price of the securities increased slightly.
According to Nasdaq data, in the first 15 minutes of trading, HOOD quotes fell more than 10% to levels around $34.
After that, within an hour, Robinhood’s share dropped below $34. And then it exceeded $37.