(Bloomberg) — Robinhood Markets Inc. wanted to make history with its IPO, and now it can – for all the wrong reason.
Shares in the broker behind the meme stock revolution fell a whopping 12% below its IPO price during the company’s first trading session. That puts the stock in the running to be ranked as the worst-ever debut by U.S. companies that raised as much money as Robinhood or more, according to data collected by Bloomberg.
Shares rebounded, last trading 1% lower at $37.52 mid-afternoon in New York.
Robinhood must finish Thursday’s session at $34.90 or higher or it will replace the 2007 IPO with another brokerage, MF Global Holdings Ltd., as the worst debut among qualified companies. MF Global closed the first day with a loss of 8.2%.
Read more: Robinhood loses more ground in trading debut after muted IPO
The stock opened at its initial public offering price of $38. For an IPO the size and larger of Robinhood, that’s the weakest opening trade since Uber Technologies Inc. in May 2019 among US companies. Uber finished its debut session with 7.6%.
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