Telis Demos

speaker

656 appearances 10 recordings 1 series first heard Jun 2018 last heard Dec 2024

Telis Demos’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Buying IPO Shares: More Small Investors Could Gain Access · 7 Jun 2021 podcast

Over decades, it averages, you know, somewhere between 15 and 20 percent. matched

And it means that retail investors didn't have access to that for the most part. matched

Historically, the Wall Street banks that underwrite IPOs and a lot of the companies going public, because there's such overwhelming demand for almost any IPO relative to the supply of shares, they've been able to basically choose who they want as their investors. matched

And the thinking historically has been you want to have matched

big, long-term institutional investors as kind of the base of your new company as it goes public. matched

And so the idea has been to get it into the hands of investors who've spent a lot of time with the company, who really understand the company, are looking to own it for a long period of time. matched

And so traditionally, the thinking has been to really focus the distribution of that IPO stock to that investor base and not to the wider retail public. matched

But matched

The flip side of that is selling it to a wider audience of people who might be willing to pay more for that stock would help companies, quote, leave less money on the table, meaning they'd be able to sell their stock at a higher price and not let some of that value bleed into that first day opening pop. matched

So Robinhood and SoFi are going to be able to offer some IPOs to their customers at the offering price. matched

Not every deal in the market, but some deals. matched

Their customers will then be able to say, yes, I'd like to participate in that. matched

I'd like to buy this number of shares. matched

And then once that IPO actually prices, they'll be able to confirm that they want to participate at that price. matched

Now, because IPOs are always limited in share, there's usually far more demand than there is supply of shares. matched

Customers are probably not going to get the number of shares that they'd actually like to buy. matched

So Robinhood and SoFi both have ways of deciding how to portion out the shares that they do have available based on certain criteria. matched

At Robinhood, it will be primarily marketable. matched

random. matched

SoFi will have some other considerations that go into that. matched

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