We evaluate the performance and determinants of IPOs allocated to retail investors through the Robinhood IPO Access program (“RIA IPOs”). The average total allocation is 3% of shares offered. Controlling for a set of well-studied IPO underpricing determinants, the average first-day return of...

We conduct the first analysis of FinTech Retail Access programs for IPO share allocations. Issued largely by consumer-facing companies, these “Retail IPO” stocks underperform contemporaneous IPO stocks by an average of 17 percentage points over the first 9 months, even after adjusting for...