Trading app Robinhood dropped 8% on its first day of trading (July 29), after setting the share price for its IPO at $38, the low end of its initial target price range. Appetite for the IPO suggests the company was not immune to recent high-profile scrutiny and questions regarding the sustainability of high trading volumes. Nevertheless, Robinhood received a valuation of $31.7 billion, up from its previous valuation of $11 billion by private investors in August 2020.
Source: Trading app Robinhood sets share price at low end of range for IPO
