Robinhood Allows App Users to Get in on IPOs

Stock trading app Robinhood Markets Inc. announced on Thursday, May 20 that it is beginning to roll out its new product, IPO Access. This new product will allow retail investors to buy company shares at their IPO price before public trading begins. Users will also be able to participate in upcoming IPOs with no account minimums.

Majority of IPO shares usually go to institutions and wealthier investors. However, with IPO Access, everyday investors will have the chance to buy at the IPO price. Robinhood is rolling out this investing platform in phases for its users to "democratize" finance. While Robinhood will not act as an underwriter for companies going public, it will receive an allocation of shares by partnering with investment banks.

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