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Robinhood has the worst debut ever for IPO of its size

Makes listing history for the wrong reasons.
Baiju Bhatt and Vlad Tenev pose in Times Square on Robinhood Markets IPO Listing Day on July 29, 2021 in New York City. Image: Bloomberg

Robinhood Markets wanted to make history with its initial public offering, and now it has — for the wrong reason.

Shares in the broker behind the meme-stock revolution fell 8.4% below the IPO price in the company’s first trading session. That’s the worst debut on record among 51 US firms that raised as much cash as Robinhood or more, according to data compiled by Bloomberg.

It dethroned the 2007 IPO by another brokerage, MF Global Holdings, as the worst debut among qualifying firms. MF Global ended its first day down 8.2%.

Robinhood opened at the $38 initial public offering price. For an IPO of Robinhood’s size and larger, that’s the weakest opening trade since Uber Technologies in May of 2019 among US firms. Uber finished its debut session down 7.6%.

© 2021 Bloomberg

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