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Illustration: Eniola Odetunde/Axios

Robinhood priced its IPO at the bottom of its price range at $38 a share on Wednesday, giving it a valuation of just under $32 billion.

Why it matters: The no-fee trading app maker made an unusually large allocation of its IPO shares available to retail investors, which is expected to make its opening day on the market less predictable.

Details: The company raised about $1.89 billion from the sale of 52,375,000 IPO shares. Existing stockholders are selling 2,625,000 shares, for a total of 55 million shares available in the offering.

  • The company previously announced a price range of $38-42.

Between the lines: The conservative IPO pricing reflects some investors’ discontent with the high valuation Robinhood sought, as well as an attempt to ensure its price rises at least somewhat during its first trading day, according to the WSJ.

The Wall Street Journal and Reuters earlier reported the IPO price.

Editor's note: This story has been updated throughout.

Go deeper

Algorithms have arrived in the bond market

Illustration: Sarah Grillo/Axios

The corporate bond market has always lagged equities — by a lot — in electronic trading. But recent innovations in pricing algorithms have helped grease the wheels for a relatively new way of moving a basket of bonds.

What's happening: That process, called portfolio trading, started picking up steam in 2019 — and is similar in concept to program trading for equities.

Brazil's health minister tests positive for COVID during UN summit in N.Y.

President of Brazil Jair Bolsonaro (L) and Health Minister Marcelo Queiroga in Brasilia, Brazil, in May. Photo: Andressa Anholete/Getty Images

Brazil's Health Minister Marcelo Queirog has tested positive for COVID-19 while in New York City for the United Nations General Assembly (UNGA), he confirmed Tuesday night.

Why it matters: Hours earlier, Queirog had accompanied Brazilian President Jair Bolsonaro to the UNGA. The Biden administration expressed concern last week that the gathering of world leaders could become a coronavirus "superspreader event."

Updated 2 hours ago - Politics & Policy

Trump sues New York Times and his niece over tax report

Former President Trump hosting a boxing match in Hollywood, Florida on Sept. 11. Photo: Chandan Khanna/AFP via Getty Images

Former President Trump filed a $100 million lawsuit against the New York Times and his niece Mary Trump on Tuesday over the news outlet's 2018 reporting on his tax records, the Daily Beast first reported.

Details: The suit, filed in New York's Dutchess County, alleges NYT journalists "engaged in an insidious plot to obtain confidential and highly-sensitive records" and that they "convinced" Mary Trump to "smuggle records out of her attorney's office and turn them over to The Times."