The stock trading app is set to start trading as a public company on Thursday.
Robinhood is known for its association with “meme stocks.” Now the stock trading app could become one. On Wednesday, Robinhood priced its initial public offering at $38 a share, the company said, valuing it at $31.7 billion. It raised $1.89 billion from the offering, setting the stage for the company to start trading on Thursday under the symbol HOOD. The price was at the low end of Robinhood’s initially disclosed range of $38 to $42, in a sign of possible investor hesitance. Robinhood’s bankers have said they expect the early trading of the stock to be more volatile than those of other I.P.O.s. Robinhood’s offering is being closely watched, even amid the most frenzied year for listings since the dot-com bubble of 2000.
