Robinhood shares slide after lacklustre Nasdaq debut

The popular trading app’s muted debut on the Nasdaq Composite Index comes months after it was caught in a confrontation between a new generation of retail investors and Wall Street hedge funds.

Shares of Robinhood Markets Inc fell more than 10 percent after opening flat in their debut on the Nasdaq Composite Index on Thursday, valuing the online brokerage at about $28bn, a dismal reception to one of the most hotly anticipated listings of the year. Shares fell to $34 in early trading, far lower than the offer price of $38, which was already on the lower end of Robinhood’s initial price offering (IPO) range. The company — arguably the breakout financial technology startup of its generation — priced its IPO on Wednesday and raised $2.1bn.