Finance History|Nasdaq MarketSite — Thirty-Eight Dollars for Fifty-Five Million Shares Called HOOD
· 2021-7
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Finance History|Nasdaq MarketSite — Thirty-Eight Dollars for Fifty-Five Million Shares Called HOOD
kevin
People treat Robinhood as a Menlo Park brokerage app that always printed HOOD after a finished Nasdaq book.
The July 2021 issuer was Robinhood Markets, Inc., a Delaware company founded in 2013.
A company release dated 28 July 2021 recorded the pricing: 55 million Class A shares at 38 dollars a share in 2021 currency.
Of that book, 52.375 million shares were sold by the company and 2.625 million by existing holders. The release put net proceeds to Robinhood at about 1.89 billion dollars.
The same release said the shares were expected to begin trading on the Nasdaq Global Select Market on 29 July 2021 under the letters HOOD.
Reuters, writing after that first session, recorded the close at 34.82 dollars, more than 8 percent below the offering price.
The present tape is HOOD on the Nasdaq Global Select Market.
The mechanism is a dual-class brokerage IPO. The cash was booked for working capital, tax on RSU settlement, and hiring after a year of retail-account growth.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that now prints HOOD.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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