Robinhood slips below offer price moments after Nasdaq debut

NEW YORK: Shares of online brokerage Robinhood Markets Inc fell below their offer price moments after their Nasdaq debut on Thursday, in a disappointing reception to one of the most hotly anticipated listings of the year.

Its decision earlier this year to restrict trading in a few popular stocks following a tenfold rise in deposit requirements at its clearinghouse had enraged the US lawmakers as well as users of its app, a go-to destination for retail investors. The company was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. The two will hold a majority of the voting power, with Bhatt keeping around 39 per cent of the outstanding stock and Tenev about 26.2 per cent.

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