Robinhood Markets (HOOD) stock plummeted 5.03% during pre-market trading on Friday, significantly underperforming the broader market.
The sharp decline came after the company's Robinhood Ventures Fund I priced its initial public offering at $25.00 per share, raising approximately $658.4 million through the sale of 12,615,608 shares.
The financial sector was broadly weaker in pre-market trading, with the State Street Financial Select Sector SPDR ETF (XLF) declining 1.6%, adding to the downward pressure on Robinhood's stock price.
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