Reuters broke the news that 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. 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. Rival fintech SoFi announced its own IPO offering the day after Reuters revealed RobinHood’s plans.
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