Robinhood Ventures Fund II priced 8 million common shares at $25 each, creating a $200 million gross initial public offering for a fund designed to give retail investors exposure to private companies.
Robinhood said the shares are expected to begin trading on the New York Stock Exchange on Aug. 13 under the ticker RVII. The offering is expected to close Aug. 14, subject to customary conditions.
The fund's total size is $225.5 million before deducting the sales load and offering expenses. That could rise to $255.5 million if underwriters exercise their 30-day option to buy another 1.2 million shares at the offering price, less discounts and commissions.
If trading begins as expected, investors will be able to buy RVII shares for exposure to the fund's private-company portfolio. Robinhood's disclosures say some exposure may be held through illiquid private vehicles with capital calls and additional fees.
RVII is a business development company, a type of closed-end fund that issues a fixed number of shares and does not redeem them at a shareholder's request. Robinhood said the vehicle has no accreditation requirement or investment minimum.
