When will Robinhood do its IPO?
Robinhood will IPO on 7/29/2021 and the ticker symbol will be HOOD.
Will the Robinhood IPO be available in SoFi’s IPO Investing Center?
No, for SoFi to be able to offer the opportunity to our members to participate in an IPO, we will need to have a distribution agreement with the underwriting bank of that IPO. Robinhood’s IPO won’t be offered to retail customers at other brokerages.
Will I be able to purchase shares of Robinhood through SoFi?
Yes, once Robinhood (HOOD) is available on NASDAQ, it will be available to purchase on our platform. Robinhood will not be available on NASDAQ right when the market opens at 9:30 AM EST. IPOs are typically available later in the day, the timing to when it is available depends on the IPO and the activity in the private market. While Robinhood is in the private market, you are able to enter a limit order to buy. If you try to place a market order during this time, it will automatically be canceled. Once it is on NASDAQ, you will search for it just like any other stock and make your purchase.
How much will a Robinhood share cost?
We will not know the actual opening price until it is available on NASDAQ. The share price is impacted by the trades placed in the private market before it is made available to the public.