Robinhood Says Partial Train of IPO Over Allotment

Robinhood (NASDAQ:HOOD), a Fintech that grew to become a public firm final month, has distributed a notice indicating that underwriters have exercised a portion of the share over-allotment. The customary apply permits underwriters to buy extra shares on the IPO value. Robinhood states that our of the 5,500,000 shares of Class A typical inventory over allotment, 4,354,194 shares of Class A typical inventory had been bought at $38 a share.

Robinhood good points a internet quantity of capital of roughly $158.5 million. Robinhood expects to shut the issuance of the extra shares on August 31, 2021.

Robinhood at present trades at round $46 a share with a market cap of over $39 billion. Robinhood has traded as excessive at $85 a share and a low of round $33 a share.

Analysts land on both facet of the prospects for the digital buying and selling platform with 4 purchase scores, 5 maintain scores and a single analyst advising traders to promote the inventory. One analyst has posted a value goal of $68 a share.