The moves are highly unusual and upend the traditional I.P.O. process. No company has ever offered so many shares to everyday investors at the outset; firms typically reserve just 1 or 2 percent of their shares for customers. And investor presentations usually take place behind closed doors with Wall Street firms, which have long had the most access to public offerings. But Mr. Tenev and Mr. Bhatt have made plans since at least 2019 to change the way I.P.O.s are done, said a person familiar with the company who was not authorized to speak publicly. Robinhood also chose Goldman Sachs to lead its offering partly because of the bank’s ability to help sell pre-I.P.O. shares — normally reserved for professionally managed funds — to thousands of everyday investors on Robinhood’s app, another person involved in the offering said.
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