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At 11.28 a.m. ET on Thursday, the shares were indicated to open at $38 each. At that price, the brokerage would be valued at about $31.75 billion.
The company, arguably the breakout financial technology startup of its generation, priced its IPO on Wednesday at the lower end of its $38 to $42 range and raised $2.1 billion.
Robinhood’s long-awaited debut comes months after it found itself at the center of a confrontation between a new generation of retail investors and Wall Street hedge funds.
Earlier this year, its decision to restrict trading in a few popular stocks following a tenfold rise in deposit requirements at its clearinghouse had enraged the U.S. lawmakers as well as users of its app, a go-to destination for retail investors.
It has also been at the center of several regulatory probes.
Robinhood had planned to reserve 20% and 35% of its offering for users of its trading app, according to its regulatory filing.
The company was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. The two will hold a majority of the voting power, with Bhatt keeping around 39% of the outstanding stock and Tenev about 26.2%.
Robinhood has about $12 billion in cryptocurrency assets as of March 31, a 23 times rise in its holding from a year earlier, it had said earlier this month.
Tenev, who is also the chief executive, told CNBC that it was clear that app’s users were interested in cryptocurrency.
More than 9.5 million customers traded about $88 billion worth of cryptocurrency on Robinhood’s platform in the quarter ended March 31.
Retail interest around cryptocurrencies has pushed up prices of popular digital currencies like Bitcoin this year.
