Robinhood RVI Fund Drops 16% After Missing $1B IPO Target
Robinhood's RVI Fund (ticker: RVI) experienced a 16% decline on its first day of trading on the New York Stock Exchange on March 6. The drop followed the fund's failure to meet its $1 billion initial public offering (IPO) target, falling short by over $300 million. The IPO was priced at $25 per share, but the stock opened at $22 and closed around $21.
The closed-end fund, which provides retail investors access to stakes in major private companies like Databricks, Ramp, and Revolut, launched during a period of market volatility. Broader U.S. stock averages faced a weekly decline amid concerns over prolonged U.S.-Iran tensions. CEO Vlad Tenev stated the fund aims to open a part of the capital markets traditionally inaccessible to retail investors. The offering was initially planned for February 26 but was delayed by one week.
TheNewsCrypto03/07 11:06
