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(Bloomberg) – Robinhood Markets Inc. wanted to make history with its initial public offering, and it is now – for the wrong reason.
Shares of the broker behind the memes stock revolution fell 8.4% below the IPO price in the company’s first trading session. It’s the worst start ever among 51 U.S. companies that have raised as much money as Robinhood or more, according to data compiled by Bloomberg.
It dethroned the 2007 IPO by another brokerage, MF Global Holdings Ltd., as the worst start among qualifying firms. MF Global ended its first day down 8.2%.
Read more: Robinhood loses more ground in trading debut after muted IPO
Robinhood opened at the initial public offering price of $ 38. For an IPO the size of Robinhood and larger, this is the smallest market opening since Uber Technologies Inc. in May 2019 among U.S. companies. Uber ended its first session down 7.6%.
(Updates the title and story to reflect the end of the session.)
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