‘Why does IPO stand for initial public offering when there is no element of an offer to the public?’, asked chief executive Ben Bucknell as he launched OnMarket alongside Prime Minister Malcolm Turnbull. Considering the PM’s past as an executive of Goldman Sachs, he probably has a few friends who could answer that question. Public means that’s how the shares will be traded, but they’re typically allocated between brokers and their key institutional customers.
OnMarket removes this inequality by allowing the same access to everyone who uses its app, whether an institutional or retail investor. Now Jane Smith can buy shares in an IPO at the same price as Lloyd Blankfein.
How does it work?