SoFi to underwrite first big IPO after securing Instacart listing

Winning a role on one of the most high-profile US listings of the year is a milestone for SoFi, but the slow road to reaching it highlights the challenges that have faced numerous efforts to improve retail access to IPOs.

“When there are hot deals, even other [investment banks] have difficulty getting any shares from the lead left bookrunner,” said Jay Ritter, Cordell Eminent Scholar at the University of Florida who specializes in IPOs. “If it’s a hot deal and you’ve got the shares to allocate, why give the goodies to your competitors rather than to your most profitable clients?”

Read more in this story from the Financial Times. [Subscription required.]