Robinhood Falls in Trading Debut

Shares of stock trading app Robinhood closed down more than 8% in its stock market debut on Thursday.

Shares priced on Wednesday evening at $38 a share, towards the low end of its trading range and valuing the company at $32 billion. The company sold 52.4 million shares and raised $1.89 billion.
Trading was volatile at the start and shares initially fell as much as 10%. The stock recovered some of those losses before again drifting lower, finishing the day down 8.4% to $34.82. The company is trading on the Nasdaq under the ticker symbol HOOD.
The company has significant crypto ambitions, with 17% of its overall revenue coming from crypto transactions in the first quarter of the year. Customers can currently buy and sell bitcoin, ether and dogecoin.
Robinhood unconventionally offered a portion of its initial public offering to users via its app, a strategy some consider to be a risky gamble.

UPDATE (July 29, 20:21 UTC): Updated with final closing price.

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