Robinhood Markets, parent company of the zero-commission brokerage that gained popularity among younger investors, sold shares in its initial public offering at $38 each, putting the company’s valuation at around $32 billion, according to news reports.

The company raised close to $2 billion through the sale of 52.4 million shares ahead of the debut of its stock, under the ticker symbol HOOD, on Nasdaq today, CNBC writes.

Robinhood, which estimates it has 22.5 million funded accounts as of the second quarter, also estimates its revenue in the second quarter to reach $546 million to$574 million, according to its updated prospectus, CNBC writes. That’s up from $244 million reported in the second quarter of 2020, according to the news network.

But the company also expects a loss of $487 million to $537 million in the second quarter, CNBC writes.

Goldman Sachs and JPMorgan Chase are the lead investment banks on the IPO, according to the news network.

In filing for the IPO earlier this month, Robinhood disclosed a $1.44 billion loss in the first quarter of 2021 — compared to a $53 million loss for the first three months of 2020 — in large part due to convertible notes and liabilities related to its emergency fundraising to address the market frenzy caused by volatility in so-called “meme stocks” such as GameStop in January.

The IPO comes on the heels of a disclosure by the firm that its CEO Vlad Tenev as well as co-founder Baiju Bhatt are under investigation by the Financial Industry Regulatory Authority over their "non-registration status" with the broker-dealer industry’s self-regulator.

Last month, meanwhile, Finra ordered Robinhood Financial to pay $70 million over alleged use of false and misleading information in communications with its customers, among other issues.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.