Robinhood is reportedly setting aside 35% of its IPO shares for retail investors

• Robinhood is planning to allocate 35% of its IPO shares to retail investors, according to the Wall Street Journal.
• The trading platform launched a program to "democratize" IPOs for Robinhood customers.
• Robinhood's expected market debut would come during one of the hottest-ever IPO seasons.

Robinhood is planning to allocate more than a third of its IPO shares for individual investors as it launches a new effort to "democratize" IPOs, according to a new Wall Street Journal report.

The Journal, citing people familiar with the matter, reports that as much as 35% of shares sold in Robinhood's forthcoming IPO will be set aside for individual investors, a much higher proportion than most market debuts.

Robinhood didn't comment on the Journal story.

The news comes weeks after the trading platform launched a program to "democratize" IPOs. The initiative, dubbed IPO Access, attempts to channel IPO shares to Robinhood customers, irrespective of account size or order value.

So far, only a few IPOs have been available to Robinhood users, including airport-biometrics firm Clear Secure, language app Duolingo, and scrubs maker Figs. Clear Secure jumped as much as 43% during its public debut on Wednesday.

Robinhood's expected market debut would come during one of the hottest-ever IPO seasons. US-listed IPOs are expected to raise $40 billion this summer, up from an already-elevated $32 billion in summer 2020, according to Dealogic data cited by the Journal.