Popular brokerage Robinhood (HOOD) is slated to open today on its first day of IPO trading. HOOD shares has been priced at $38 valuing the company at $32 billion to the previous $11 billion valuation in private markets. In addition, the company is raising $2 billion in accordance to IPO. Co-founders Vlad Tenev and Baiju Bhatt each sold about $50 million worth of stock.
Robinhood estimates around 22 million funded accounts during the second quarter, up 18 million from the previous quarter of 2023. This amounts to a 151% increase from last year. Leading investment banks Goldman Sachs and J.P. Morgan will be underwriting with an option to buy an additional 5.5 million shares.
Robinhood stock is currently indicated to open at $39.45 per share.
