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Morgan Stanley’s E*Trade unit is in talks with SpaceX to lead the sale of IPO shares to small investors, potentially being favoured over rival brokerage platforms from Robinhood Markets Inc. and SoFi Technologies Inc., Reuters reported, citing two people familiar with the matter.
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SpaceX is considering cutting Robinhood and SoFi out altogether despite the two firms pitching for roles on the initial public offering, Reuters said. The rocket and satellite company would instead rely on Morgan Stanley to route shares set aside for retail investors through E*Trade, Reuters said.
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SpaceX could allocate as much as 30 per cent of the offering to retail investors, Bloomberg News has reported, helping to boost demand for what is widely expected to be the largest IPO of all time.
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Fidelity is also vying for a chance to distribute some of the shares on its trading platform, Reuters said, citing one of the unnamed people.
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Representatives for SpaceX, Morgan Stanley, E*Trade, Fidelity, Robinhood and SoFi didn’t immediately respond to Bloomberg’s requests for comment.
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SpaceX is set to file confidentially as soon as this month for an initial public offering that could raise as much as US$75 billion, Bloomberg News has reported. Billionaire Elon Musk’s company is telling prospective IPO investors to expect briefings in April from company executives, people familiar with the matter have said.
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Morgan Stanley is among the group of Wall Street giants being positioned to lead work on the IPO. The roster also includes Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co., people with knowledge of the details have said.
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