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LOS ANGELES — Robinhood is disrupting another stock market norm — and taking a big risk — by giving ordinary investors access to a huge slice of its initial public offering.
The popular online brokerage is taking the unusual step of allowing users of its trading app to buy up to a third of its IPO shares before they begin trading on the Nasdaq on Thursday under the “HOOD” ticker symbol. Typically, only institutional investors and company insiders can buy shares in companies before they go public.