(Bloomberg) — Robinhood Markets Inc. wanted to make history with its initial public offering, and now it might — for the wrong reason.
Shares in the broker behind the meme-stock revolution fell as much as 12% below the IPO price in the companys first trading session. That puts the stock in the running to rank as the worst debut on record among U.S. firms that raised as much cash as Robinhood or more, according to data compiled by Bloomberg.
Shares rebounded and were last trading 1% lower at $37.52 mid-afternoon in New York.
Robinhood must finish Thursdays session at $34.90 or higher, or else it will replace the 2007 IPO by another brokerage, MF Global Holdings Ltd., as the worst debut among qualifying firms. MF Global ended its first day down 8.2%.
Read more: Robinhood Loses More Ground in Trading Debut After Muted IPO
The stock opened at the $38 initial public offering price. For an IPO of Robinhoods size and larger, thats the weakest opening trade since Uber Technologies Inc. in May of 2019 among U.S. firms. Uber finished its debut session down 7.6%.
©2021 Bloomberg L.P.
