Robinhood prices its IPO at $38 a share to raise $1.89 billion, and is expected to start trading Thursday.
Robinhood Markets Inc. priced its initial public offering at the bottom of its expected range Wednesday night, which still values the company at more than double its previous $12 billion valuation.
Most of the money from the offering, roughly $1.89 billion, will go to the company, but top executives will also receive some of the proceeds. The company’s co-founders, Chief Executive Vlad Tenev and Chief Creative Officer Baiju Bhatt, each provided 1.25 million shares in the offering, while Chief Financial Officer Jason Warnick will sell 125,000 shares.
Robinhood has at times struggled to handle its growth and the popularity of certain equities. The company’s details on numerous lawsuits against it took up more than six pages of its voluminous filing with the Securities and Exchange Commission, some of those stemming from its halt to trading in GameStop Corp. GME, -5.28% and other meme stocks in January.
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