Robinhood closes down 8% on its first day of trading, after raising $2.1B in its IPO at a valuation of around $32B
will users ‘age out’ of the app? Finextra : Robinhood prices IPO at $32bn valuation Timothy Craig / Crypto Briefing : Robinhood IPOs Amid Uniswap Partnership Rumors Crunchbase News : Throw The Confetti: Robinhood's IPO Should Be A Celebration Of Capital Market Access Joe Khalique-Brown / CoinJournal : Where to buy Robinhood: $HOOD to list on eToro after IPO MarketWatch : Dow ends slightly lower after Fed leaves easy-monetary policies unchanged Matt Schifrin / Forbes : Robinhood's IPO Triumph: More Than A Billionaire Windfall Connie Lin / Fast Company : Robinhood stock makes Nasdaq debut in IPO: Here's everything to know about HOOD Reuters : Robinhood says U.S. watchdogs probing staff meme stock trading, registration PYMNTS.com : Robinhood Begins Trading At Bottom Of Range Annie Massa / Bloomberg : Robinhood's IPO: What to Expect The Irish Times : Robinhood prices IPO at bottom of indicated range Sarah Harford / Silicon Republic : Robinhood lowers its IPO target but aims at $32bn valuation Oluwapelumi Adejumo / Coinspeaker : Robinhood Secures $32B Valuation in IPO, Set to Debut on Nasdaq Exchange Tweets: Bill Gurley / @bgurley : 100% they underprice IPO in order to transfer wealth to their customers. Their auditors should ask why they are able to have a massive customer rebate that never hits the income statement. And the “market” price will be discovered the next day when they open (using DL process). https://twitter.com/... Christopher Bloomstran / @chrisbloomstran : For those that haven't read Robinhood's 360-page S-1 and subsequent registration amendment, some brief observations follow on some of the most egregious aspects of one of the most one-sided, enrich the insider casino offerings I've ever seen, and there have been some doozies. 1/ Holger Zschaepitz / @schuldensuehner : OUCH! #Robinhood has worst debut ever for IPO of its size. Shares in broker behind meme-stock revolution fell 8.4% below IPO price in first trading session. That's the worst debut on record among 51 US firms that raised as much cash as Robinhood or more. https://finance.yahoo.com/... https://twitter.com/... Joe Weisenthal / @thestalwart : $HOOD touched $40 https://twitter.com/... Vlad / @vladtenev : Today, as @RobinhoodApp goes public on @Nasdaq, we celebrate a new generation of investors that make Robinhood what it is. @katie_roof : Much ado about Robinhood being *just* a $30B company but I still remember when I broke the news of it being an $8B company just over a year ago and people thought it was crazy high https://www.bloomberg.com/... Wendy O / @cryptowendyo : $HOOD is the most ironic name... https://twitter.com/... Dan Gillmor / @dangillmor : Insiders did fine. https://twitter.com/... Andrew Reed / @andrew__reed : Congrats to Vlad, Baiju, and all of the Robinhoodies on their IPO. The team at @RobinhoodApp has many of the most talented and determined people I've met. Never underestimate what they can do 💪 https://twitter.com/... Robinhood / @robinhoodapp : We are all investors 🔔 https://twitter.com/... Erin Griffith / @eringriffith : This is surely not what Robinhood hoped for in its IPO. “We can't control the things that happen in the market,” CEO Vlad Tenev told me in an interview. “It's a moment in time.” https://www.nytimes.com/... Rat King / @mikeisaac : cue the wave of tweets saying “actually sinking below your opening IPO price is good” @vojtech : “With Robinhood's IPO, what we're witnessing isn't just product innovation, but a generational reimagining of what finance is and who it's for,” writes @IndexVentures Partner @janatindex in @FortuneMagazine. $HOOD Tip @Techmeme https://fortune.com/... Dan Primack / @danprimack : At least Robinhood got out. Battery maker Clarios postponed an IPO today that was supposed to raise $1.7 billion. Paul Kedrosky / @pkedrosky : Extraordinary thread on the bottomless, self-enriching cynicism at ground zero of fintech, with Robinhood's S-1 as the main exhibit. Gilded greed. https://twitter.com/... Southpaw / @nycsouthpaw : Who is robbing whom in the RobinHood IPO? Joe Weisenthal / @thestalwart : Efficient Markets Hypothesis vindicated again *ROBINHOOD INDICATED TO OPEN AT $38; IPO PRICED AT $38 @tradingview : The first 15 minutes of the Robinhood IPO $HOOD Shown on a chart. https://twitter.com/... Ben Popper / @benpopper : You're telling me Robinhood users aren't the type to buy and hold on an IPO? Shocking! https://twitter.com/... Erin Griffith / @eringriffith : Robinhood trading below $38, which was already the bottom of its range. I'm sure they wanted a pop for their retail investors. But I guess they didn't leave any money on the table! $hood Dan Primack / @danprimack : Regular reminder that a company's first day of trading can set tone for months/years to come (just ask FB, which struggled to hire), but it doesn't determine a company's ultimate fate (again, just ask FB). Ari Levy / @levynews : Robinhood is trading down after selling shares at the low end of its range. In other words, they certainly didn't leave money on the table. https://www.cnbc.com/... Felix Salmon / @felixsalmon : Oof https://twitter.com/... @wsbmod : $HOOD under $36 on IPO day Will Vlad Halt Selling? Myles Udland / @mylesudland : from HOOD to HODL @zerohedge : Every Robinhood user who got HOOD shares is already facing a 9% loss Jordan Novet / @jordannovet : kind of funny how the company at the center of recent retail investing dramas had an extremely sober market reception https://www.cnbc.com/... Christopher Bloomstran / @chrisbloomstran : If Robin Hood robbed the rich to give to the poor, the modern-day version is now in the business of gutting the sheep and pocketing the wealth of the retail speculator for himself. Fleecing at least. “Robinhood is democratizing finance for all,” reads the prospectus. Sure. 2/ Felix Salmon / @felixsalmon : No idea when $HOOD will start trading today, but an interesting valuation benchmark is “the $50 to $60 range” at which secondary shares have been trading for the past few months, per PitchBook https://pitchbook.com/... Christopher Bloomstran / @chrisbloomstran : The expected $2.3B brought to the party by new shareholders represents almost 30% of all of capital raised since 2013, including proceeds raised in the offering. For their money these new “investors” will only own 7% of the company and far less voting rights. Dilution, baby. 4/ Christopher Bloomstran / @chrisbloomstran : From its founding in '13, $HOOD raised $5.6B in a series of $2.2B convertible preferreds and 2 tranches of $4.7B in converts (the converts sold just this year). Additional paid in capital totals $149m. The balance sheet has $4.8B cash with shareholder equity a negative $1.5B. 6/ Christopher Bloomstran / @chrisbloomstran : Robinhood, who in December paid a $65 million fine (without admitting or denying guilt, wink) for best execution and payment for order flow alleged violations, will raise on the order of $2.3 billion from new shareholders in its upcoming IPO. What does The IPO investor get? 3/ Christopher Bloomstran / @chrisbloomstran : That's $500 million to more than $600 million. Rob from the fools, give to the poor insiders. What a deal. But it's a brokerage firm. With capital requirements. Growing revenues will require new capital, either retained profit or new capital. Regardless, let's talk dilution. 10/ Christopher Bloomstran / @chrisbloomstran : Including proceeds from the IPO, the VAST MAJORITY of capital will have been raised just in the past two years, mostly 2021. Reread the breakdown of how much capital the IPO buyers are investing and what percent of the company they will own. This makes SPACs look non-dilutive. 5/ Christopher Mims / @mims : Robinhood continuing tradition of founder control; cofounders to each net their share of $5.6 billion at IPO https://twitter.com/... @cnnbusiness : Regulators are investigating the fact that Robinhood CEO Vlad Tenev is not licensed by FINRA, the online trading platform says. The news comes on the eve of a blockbuster initial public offering that could value Robinhood at $35 billion. https://www.cnn.com/...