Robinhood priced its initial public offering at $38 a share on Wednesday, setting the stage for one of the most anticipated public trading debuts this year.
The price, which was reported by the Wall Street Journal, was at the low end of the $38 to $42 range the company set for the IPO last week. The online brokerage, which was eyeing a valuation of up to $35 billion but could now settle for something below $32 billion, is expected to begin trading Thursday on the Nasdaq under the ticker 'HOOD.'
Founded in 2013 by Stanford alumni Vlad Tenev and Baiju Bhatt, the company emerged as the leading mobile trading app and pioneered the no-commission trend in retail investing. But Robinhood also became controversial as regulators and legislators accused the brokerage of turning stock investing into a game that exposed new and inexperienced investors to huge risks.