Large institutional investors and funds have traditionally been the first in line for allocations on IPOs, as the investment banks that control share allocations find it easier to arrange it when only a handful of recipients are involved and because they need to keep these deep-pocketed clients happy to win other business.
NEW YORK: Robinhood Markets Inc on Thursday unveiled a new platform that will give retail investors the opportunity to buy shares in initial public offerings, something that has long been the exclusive domain of Wall Street funds.
The popular online brokerage startup, which is preparing to make public its own IPO paperwork in the coming weeks, is rolling out the investing platform in phases for users of its trading app, a step in its quest to "democratize" finance.
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