🎧 Listen: In today's episode of The Journal podcast, rudegeair explains how Robinhood, which built its business around the idea of making it easy for everyday people to invest, is betting it can “democratize” initial public offerings
Robinhood built its business around the idea of making it easier than ever for everyday people to invest. Now the company's betting it can "democratize" initial public offerings, too - including its own. WSJ's Peter Rudegeair explains the thinking behind Robinhood's unconventional IPO this week.This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Speaker 3: Hello to Hmong from Fresno, California. And Hmong asks, will you have a customer support phone line?Kate Linebaugh: Robinhood received over 2,000 questions. Some of them were tough.Vlad Tenev: Making sure our platform stays stable. We've invested heavily in stability and scalability.Vlad Tenev: I'm guessing that's directed at me. Definitely Pluto. No, I'm just kidding.
Peter Rudegeair: The idea is you devote most of your time to big investors just because they have the most money. So it's kind of a more efficient way to shop. And at the end of the day, whatever is leftover after that usually got distributed to retail investors, individuals kind of as an afterthought.
Peter Rudegeair: And FIGS just sold a fraction, single-digit percentage of their shares to Robinhood users. And the experience there was pretty positive for those that bought into it. At one point, I think, FIGS shares doubled in price a couple of weeks after the IPO. Prashant: My name is Prashant. I live in Berkeley, California, and I'm a product manager at a tech startup.Prashant: They would describe me as someone who is an early adopter of all things technology and apps and services. I think I'm the kind of first recommender for a lot of new, cool things that come out.
Prashant: To me the pre-IPO price is as close to the kind of insider price that the big banks are getting as possible. If I can get that and I believe in the long-term viability of the company, then I would probably want to do that every time, frankly. I think it's just a barrier has always been, it feels like that is a privilege that your average retail investor that doesn't have a super huge checkbook gets access to.
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