Robinhood launches a new platform for you to buy into IPOs
FIGS will be the first company to offer its share through the platform
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.
The trading platform is also set to have its own IPO in a few week’s time. A Reuters report noted that Robinhood will also host some of its shares before its Wall Street debut.
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.