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The trading app company and some of its investors sold 55 million shares Wednesday for $38 each, according to a statement. Shares of the company at the center of this year’s meme stock frenzy had been offered for $38 to $42 each. The company has a market value at the IPO price of just under $32 billion based on the outstanding shares listed in its filings. Accounting for employee stock options and similar holdings, Robinhood’s fully diluted value would be closer to $33 billion. That compares of a diluted valuation of more than $36 billion that it would have had at the top end of its price range.The price indicates investors weren’t clamoring to buy Robinhood’s stock the way they had with some of the year’s hottest offerings. Still, a lower price in the IPO could allow more room for the “first-day pop” craved by investors when the stock begins trading Thursday.

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