Robinhood priced its initial public offering at $38 a share, at the low end of expectations, after the popular trading platform met tepid demand for its highly anticipated debut.

The price chosen by the company and its underwriters is at the bottom of the range of $38 to $42 a share they had been targeting. It pegs Robinhood’s valuation at about $32bn, far higher than the nearly $12bn it fetched in a funding round a year ago but below the lofty prior expectations of some investors and bankers.