The much anticipated Wall Street debut of popular trading app Robinhood failed to impress as shares fell immediately after its Nasdaq listing on Thursday.
The Robinhood share price (NASDAQ: HOOD) had lost 5.6% to $35.86 around 17:10 GMT, after entering the market. But it had recovered some ground after tumbling more than 10% earlier.
Robinhood shares opened at $38, a price that the company had agreed to sell at a day earlier. The company had set a price range between $38 and $42 a share.
At the opening price of $38, the trading app platform’s valuation would have been around $32bn.
Robinhood was founded in 2013 and surged in popularity amid a frenzy of retail traders trading in meme stocks and found itself at the centre of a meme stock craze that shook global markets.