Brian Belley and senior investment associate Teddy Lyons dig into the rise of retail allocations in IPOs—from directed share programs (DSPs) at Lyft/Uber/Airbnb/Rivian/Reddit to broader retail windows via brokerages (e.g., FIGS, Robinhood, Bullish). They unpack why consumer-brand IPOs led the way and whether B2B/pharma could follow. The pair then connect public-market signals (e.g., headline shorts in mega-cap AI names) to private-market risk appetite, before breaking down October 2025 Reg CF totals (~$34M), platform leaders, and notable raises hitting the $5M cap. Finally, they hit industry moves—big-bank/secondary platform tie-ups and new capital for infrastructure players—and what this consolidation means for founders and investors. Data, context, and practical takeaways for positioning into Q4.
Highlights include...
How retail gets IPO access: DSPs vs. brokerage retail allocations
Why consumer brands led—and could B2B/pharma be next?
Public-market sentiment → private-market behavior (AI, shorts, timing)
October Reg CF snapshot: ~$34M; campaigns hitting the $5M cap
Platform dynamics: the “big three” performance patterns
Secondary/infra headlines: large broker/platform moves; fresh raises
How to use the data: expectations, diligence, portfolio pacing