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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

Felix Salmon, author of Capital
Nov 4, 2021 - Economy & Business

Rental vehicle stocks pop after turn to electric vehicles

Data:FactSet; Chart: Axios Visuals

Hertz and Avis have discovered the magic that electric vehicles can have on share prices.

Why it matters: Both companies have increased in value after announcing ambitious plans to move aggressively into renting out EVs.

Updated 26 mins ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.

Updated 4 hours ago - Politics & Policy

Swastikas found outside Union Station in D.C.

People walk through Union Station on Jan. 16 in Washington, D.C. Photo: Spencer Platt/Getty Images

Drawings of swastikas appeared etched around the entrance to Union Station in Washington, D.C., on Friday morning.

Driving the news: "An investigation is underway with Amtrak Police and the Metropolitan Police Department after swastikas were reported on the exterior of Washington Union Station on Friday," Amtrak spokesperson Kimberly Woods said in a statement to Axios.