CNBC--Shares of Robinhood closed down more than 8% in its Nasdaq debut, after pricing near the low end of its IPO range.
The online brokerage started trading at $38 per share, the low end of its range, valuing the company at roughly $32 billion. After dropping as much as 10% and ending the session at $34.82, Robinhood’s market capitalization was about $29 billion.
Trading for the first time under the ticker HOOD, the online brokerage hit the public markets it seeks to democratize for amateur investors.
Robinhood, whose stock trading app has surged in popularity among retail investors, sold shares in its IPO at $38 a piece on Wednesday evening. Robinhood is valued at 10.5 times forward EBITDA.
The company sold 52.4 million shares, raising close to $2 billion. Co-founders Vlad Tenev and Baiju Bhatt each sold about $50 million worth of stock. The company was last valued in the private markets in September at $11.7 billion.