| Customers at some of the largest retail brokerage firms in the US each received at least a single share in SpaceX's $86.2 billion IPO, underscoring how the offering was designed to give individual investors a sizable role. All eligible customers putting in requests for shares with platforms run by Robinhood Markets Inc., Charles Schwab Corp., Fidelity Investments and SoFi Technologies Inc. were allocated some stock, according to the firms' respective representatives. SpaceX ended up allocating about 20% of its initial public offering to retail investors globally, Bloomberg News reported. Demand for the shares ran to more than $100 billion, people familiar with the matter have said, leaving many who sought larger allocations with less than they hoped. The shares closed their second day of trading on Monday up 43% from their $135 price in the IPO, giving SpaceX a market value of $2.5 trillion. Robinhood disclosed on its app on Monday that 855,424 of its customers requested shares at the IPO price via its IPO Access platform and it filled the same number of requests. The firm didn't disclose to what extent its customers' allocations fell short of their requested amounts. ALSO READ: Fairy Tale Or Mega Bubble? Uday Kotak Calls SpaceX IPO A 'Test for Capitalism' All Robinhood users that applied for SpaceX shares received at least one share, a spokesperson for the firm said. The company had 27.7 million funded accounts as of the end of May. In South Korea, Mirae Asset Securities Co. didn't receive an allocation for its clients despite being an underwriter of the IPO. By contrast, Japanese investors bought 16.3 million shares in aggregate for $2.2 billion. In the UK, retail buyers received about $364 million worth of shares after submitting orders worth nearly $1 billion, Bloomberg News reported. Elsewhere in Europe, just under $2.5 billion of demand translated to around $600 million in retail orders. ALSO READ: Peter Lynch Would Have Skipped SpaceX IPO, 'Bought Kellogg's Instead', Says His Former Assistant Schwab, SoFi, Robinhood and Fidelity were listed in the IPO prospectus of Space Exploration Technologies Corp., SpaceX's formal name, as potentially offering shares to retail investors. E*TRADE by Morgan Stanley, part of the Wall Street firm whose investment banking arm was a top underwriter of the IPO, was also listed as a retail broker. A Morgan Stanley representative didn't immediately respond to a request for comment. |
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