Trading app Robinhood has opened up a new platform for customers to buy shares of companies at their Initial Public Offering (IPO) price.
The company said it wants to democratize Wall Street offerings with this new platform, which is called IPO Access:
Most IPO shares typically go to institutions or wealthier investors. With IPO Access, everyday investors at Robinhood will have the chance to get in at the IPO price.
Robinhood said that it’ll allow you to follow companies and get alerts when the company’s set for its share offerings. You’ll be able to adjust your request when the firm sets the final price for its shares. The trading platform said that everyone participating in the IPO will get equal opportunity regardless of their order size.
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FIGS, a company that makes face masks and shields, will be the first to list 1% of its 22.5 million shares on Robinhood’s new platform.
IPO Access will start rolling out to all Robinhood customers in a few weeks. You can learn more about this new product here.
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