Shares of cryptocurrency-friendly trading app Robinhood dropped more than than 8% in its public Nasdaq debut on Thursday, marking one of the worst initial public offering (IPO) debuts of its size.

Robinhood's HOOD stock tumbled 8.four% below the IPO cost in the company'due south first trading session on Th, dropping from $38 to $34.82. The visitor went public on Nasdaq at a $32 billion valuation to see its marketplace capitalization fall to $29 billion after the HOOD stock ended the session below $35.

According to data compiled by Bloomberg, the company's commencement trading day marked the worst debut on record among 51 firms in the United States that raised as much cash equally Robinhood or more than. The company reportedly flipped the 2007 IPO by MF Global Holdings brokerage equally the worst debut among qualifying firms, which ended its first day down 8.2%.

According to a CNBC report, Robinhood sold 52.4 one thousand thousand shares, raising nearly $2 billion, with co-founders Vlad Tenev and Baiju Bhatt each selling about $fifty one thousand thousand worth of stock. Unlike traditional IPOs with a six-month lockup menstruation, Robinhood will allow its employees to sell 15% of its shares immediately later on the public debut. Investors will be reportedly able to send another 15% after three months.

Commenting on Robinhood's public market debut, CEO Tenev stressed that the visitor was launched with a mission to democratize finance for all. "We built a mobile-first product that didn't charge commissions or require business relationship minimums. We didn't build Robinhood for the rich or those with decades of experience," he noted. Tenev promised that Robinhood will "remain the same" and go on its focus on its customers every bit the firm moves forwards as a public company.

Related: Robinhood introduces a feature aimed at protecting investors from crypto volatility

Launched in 2022, Robinhood became widely known in the cryptocurrency customs after the visitor started offering trading of major cryptocurrencies similar Bitcoin (BTC) and Ether (ETH) in February 2022. The company's crypto-focused division has seen major growth this year with the Q1 performance posting a sixfold increment over the previous quarter.

Despite Robinhood experiencing major growth in 2022, the visitor has been facing some controversy and increased attention from United States regulators this year over GameStop's trading break in January. In April, Massachusetts' securities regulators sought to revoke Robinhood's broker-dealer license, alleging that the business firm provided services to the state customers with petty or no investment feel.