NEW YORK (AP) — Robinhood is about to sell its own stock on Wall Street, the very place the online brokerage has rattled with its stated goal of democratizing finance.
Through its app, Robinhood has introduced millions to investing and reshaped the brokerage industry, all while racking up a long list of controversies in less than eight years.
Robinhood Markets and three of its executives are selling up to 60.5 million shares of its stock in an initial public offering, with trading expected to begin on the Nasdaq Thursday under the ticker symbol “HOOD.”
It was priced late Wednesday at $38 a share, the low end of its expected range of $38 to $42. That's an indication of tepid investor interest.