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Robinhood Markets is not loved by retail investors when it debuts

Robinhood Markets Inc. was cautiously received on its stock market debut by private investors, the very group of customers that the popular trading app woos for long-term growth.

According to data from Vanda Securities Pte. That pales in comparison to the IPOs of other high profile companies like the Chinese ride-hailing giant Didi Global Inc. and the world’s leading cryptocurrency exchange Coinbase Global Inc.

Didi attracted $ 69 million from amateur investors on its first day of trading, while Coinbase bagged $ 57.4 million.

The lack of retail enthusiasm was a key factor in Robinhood’s disappointing debut Thursday, when shares closed 8.4% below their share price. It also highlights how quickly sentiment can shift towards such online brokerages that are trying to democratize the financial markets by attracting a new generation of amateur and young investors.

Despite the lack of support from retail investors, the company received some high-profile support from Cathie Wood’s flagship ARK Innovation Exchange Traded Fund, which bought nearly 1.3 million shares of Robinhood on Thursday at Robinhood’s closing price of $ 34.82, adding value to the ETF raised a stake of $ 45 million.

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