Robinhood Markets has announced a new plan aimed at giving everyday investors access to private companies before they go public, an area that has usually been limited to venture capital firms and large institutions.
The company has launched Robinhood Ventures Fund I (RVI) and started its IPO roadshow for a public offering of about $1 billion in common shares. The shares are expected to trade on the New York Stock Exchange under the ticker RVI.
Retail investors can request IPO shares at an expected price of $25 each. The offering includes 40 million shares 35 million from the fund and 5 million from Robinhood Markets. Goldman Sachs is managing the offering. Underwriters also have the option to purchase up to 6 million additional shares within 30 days.