'Don't want to miss it': Robinhood IPO loyalists stay the course

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By Krystal Hu
(Reuters) - Rick Ornelas got into Robinhood Markets Inc's initial public offering (IPO) every way he could.
As a user of the trading app, the Houston-based author of life-coaching books applied for and received 50 Robinhood shares in its IPO. When the shares traded down more than 10% in their debut on Thursday, he doubled down by acquiring 75 more shares through Fidelity Investments, where he holds his main trading account.
"I know IPO shares can be volatile, but I just don't want to miss the opportunity in case this pops. I believe in the company's long-term valuation," Ornelas said.
More than a fifth of Robinhood's $2.1 billion IPO was snapped up by the app's users such as Ornelas. Some put on a brave face after ...


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