Exclusive: Robinhood aims to allow users to buy into IPOs - sources

FILE PHOTO: The Robinhood App is displayed on a screen in this photo illustration January 29, 2021. REUTERS/Brendan McDermid/Illustration

(Reuters) - Robinhood Markets Inc is building a platform to "democratize" initial public offerings (IPOs), including its own, that would allow users of its trading app to snap up shares alongside Wall Street funds, according to people familiar with the matter.

The move could further erode Wall Street's grip on stock market flotations. It would be easier to implement for Robinhood's own IPO, given how companies and their investment bankers tightly control allocations to investors in new listings.