The debut of Robinhood—the controversial brokerage that ignited an explosion in retail trading—on the public stock market was expected to be a wild ride. Robinhood wilted 8.4% to $34.82 per share yesterday after the company’s IPO initially priced the stock at $38, which was the bottom of the expected range. CEO Vladimir Tenev, whose eight-year-old brokerage helped introduce a new generation to financial markets, made as much as 35% of the shares available to retail investors (normally, institutional investors get dibs on fresh shares), but only ended up allocating some 20% to 25% of the stock to them, according to Bloomberg.