Online broker Robinhood, whose shares are schedules to start trading today on US tech stock market NASDAQ, has just set an initial price for its shares.
The company has reported through an announcement that the initial price for its shares during the IPO has been set at $38. If the shares reach this value, the company will raise $1.89 billion and its valuation will reach as much as $32 billion.
The shares will start trading today on the NASDAQ under the ticker HOOD. It is worth taking into account that experts believe the initial trading of the stocks will be more volatile than those of other initial public offerings.
We have recently known that the company has reached an agreement with the Financial Industry Regulatory Authority to pay a $70 million fine for misleading customers and harming them in outages.
Goldman Sachs and JPMorgan will act as underwriters.