Robinhood Markets Inc. (NASDAQ:HOOD) stock gained momentum on Thursday after the trading debut of Robinhood Ventures Fund II on the New York Stock Exchange under the ticker symbol RVII.
The Nasdaq is up 1.19% while the S&P 500 has gained 0.79%.
RVII Debut Details
The fund priced its initial public offering of 8,000,000 common shares of beneficial interest at $25 per share. The offering established an initial fund size of $225.5 million prior to sales loads and offering expenses. Underwriters hold a 30-day option to purchase up to 1,200,000 additional shares, which would raise total fund capital to $255.5 million. RVII operates as a business development company and closed-end fund targeting early-stage private companies.
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