Robinhood Markets’ shares, the eponymous app for trading securities and cryptocurrencies, finished the first day of trading on Nasdaq down 8.37% from the IPO price IPO.
According to Bloomberg, this is the worst performance among 51 companies that attracted at least comparable capital to Robinhood.
In this regard, the platform eclipsed MF Global’s record decline of 8.2% on its first day after the IPO. The shares of another participant on this list — Uber — fell 7.6%.
The HOOD ticker closed the day at $34.82. Market capitalization stood at $29 billion.
Earlier the company established the starting price for trading the shares at $38. The offering was expected to raise about $1.89 billion in proceeds and value the company at around $32 billion.
We are all investors 🔔 pic.twitter.com/ZGv0bkElBG
— Robinhood (@RobinhoodApp) July 29, 2021
In an interview with CNBC, Robinhood co-founder Vlad Tenev urged not to dramatise the situation.
“We are building a long-term business. You should ignore these short-term fluctuations”, he said.
Tenev stressed that the company aims to broaden its product line, which will drive growth for decades.
Earlier he announced adding a crypto wallet to the service. According to the media, the decision обеспечит доступ to assets and DeFi services.
In May, Chief Operating Officer Kristin Brown, who heads the company’s cryptocurrency division, said that in the app the ability to withdraw digital assets to external wallets would be available.
In July it was reported that Robinhood is developing measures to protect users from the volatility of the cryptocurrency market.
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