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Finance & economics
财经板块
Retail investing: Robinhood and the merry mob
零售投资：Robinhood和满心欢喜的散户
IT WOULD BE hard for a firm that describes itself as “democratising investing” to go public in any other way. When Robinhood lists on the Nasdaq on July 29th after the Economist goes to press, institutional investors will, as is usual, be able to buy and trade shares on the exchange. Less conventionally, the broker also plans to sell a third of the shares itself to its users.
对于一家自称“投资民主化”的公司来说，想以任何其他方式上市都会很困难。《经济学人》付印后，Robinhood于7月29日在纳斯达克上市，机构投资者将像往常一样，可以在交易所购买和交易股票。与往常不同的是，Robinhood还打算将三分之一的股票出售给用户。
Your correspondent felt a frisson of excitement as she took part in an initial public offering (IPO) for the first time, bidding for a single share in Robinhood. The slick graphics explained how IPO shares are allocated, and reassured punters that—as is not the case at other brokers—order size, assets and the age of the account would play no part in whether a bid was accepted or not. Before most firms go public they do a roadshow, which typically involves investment bankers compiling snazzy slideshows, donning their sharpest suits and fanning out to meeting rooms in big cities to canvass support from pension funds, asset managers and other institutional investors. Robinhood instead made its 40-minute pitch online to anyone who wanted to listen, on the Saturday afternoon ahead of its debut.
当你的记者第一次参与首次公开募股(IPO)，竞拍Robinhood的一份份额时，她兴奋到发抖。这张精美的图表解释了IPO股票是如何分配的，并向投资者保证，订单规模、资产和账户年龄与出价是否被接受无关——这在其他经纪商那里是没有的待遇。大多数公司在上市前都会进行路演，投资银行家们通常会汇集漂亮的幻灯片，穿上最时髦的西装，在全国各地大城市召开会议，争取养老基金、资产管理公司和其他机构投资者的支持。相反，Robinhood在上市前的周六下午，向所有想听的人进行了长达40分钟的在线宣传。
The anti-establishment approach is all too fitting. No other company’s fortunes have been as tied to the craze for meme stocks, fuelled by online forums and lockdown-induced spare time. Robinhood, which will go public at a valuation of $32bn, has seen its user base explode during the pandemic. Its prospects are likely to be determined by wherever the retail mania, the subject of much regulatory hand-wringing, goes next.
这种一反常态的方式非常应景。没有哪家公司的命运像它一样，与网络论坛和疫情封锁产生的空闲时间所引发的股票热潮密切相关。Robinhood将以320亿美元的估值上市，它的用户群在疫情期间激增。它的前景很可能取决于零售狂热的风向，这是许多监管机构束手无策的现象。
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
