Opening the Doors: Retail Allocations in IPOs

CHART OF THE WEEK

Until recently, IPO shares were reserved for Wall Street insiders and big funds. But the rules are changing. Platforms like Robinhood, SoFi, and Webull are enabling everyday investors to buy into IPOs at the same price as institutions. Our latest chart tracks the rise of retail allocations, from invite-only Directed Share Programs (DSPs)—like Airbnb’s host rewards and Rivian’s customer shares—to fully open-access offerings from Robinhood, Bullish, and Gemini, where up to 30% of IPO shares went to the public. As retail access expands, IPOs are transforming from exclusive events into shared milestones of community ownership.

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EVENTS

Pacaso CEO Austin Allison on Reg A Investing and the Future of Luxury Real Estate

Pacaso Co-Founder & CEO Austin Allison joins Kingscrowd CEO Chris Lustrino to explore how fractional ownership is reshaping access to luxury real estate. Learn how Pacaso’s Reg A raise opened the door to everyday investors and what it signals for the future of property investing in our next alt investing webinar.

🗓️ Nov 19th, 1pm ET → Register now 👇

KINGSCROWD PODCAST

Secondaries & Tokenization—What $100B H1 2025 Means

By Sam Fiske / Watch | Apple | Spotify


Major banks are moving into pre-IPO secondaries as volumes top $100B (H1 2025). Brian & Scott unpack how that shifts liquidity, what tokenized “mirror” exposure really is, and CFPA Summit takeaways from D.C.—plus how an accreditation test could reshape Reg CF/A.

• H1 2025 secondaries > $100B; Evercore ~52%
• Bank + portal strategies: acquire vs. white-label
• Tokenization trade-offs & filings nuance
• What an accreditation test could change

PITCH REVIEW 💸

By Teddy Lyons \ Deal Report

Brief: Macrovey is a company that evolved from its ASBECO roots—a 40-year legacy contractor serving clients like Amazon, Walmart, and FedEx—into a high-tech automation firm. Its proprietary “Toccoa” platform integrates AI-driven robotics, ERP, and WMS systems into a unified command center for warehouse automation, providing flexibility and real-time intelligence. With $10 million in recent annual revenues, a U.S. Air Force contract, and new tech facilities in Georgia, Macrovey is now scaling its robotics and software solutions through a Regulation CF raise of up to $1.2 million.

Teddy’s Take: As many of my colleagues know, I’m obsessed with humanoid robotics. Figure AI is my favorite, already operating fleets of humanoids at BMW’s Spartanburg plant (if you’ve never seen videos of Figure’s bots, we have essentially arrived in an iRobot world). Investors are putting big money behind this technology, with Figure AI recently raising a massive round at a $39.5B valuation. After spending way too much time imagining what life would be like coexisting with a humanoid robot at home (for better or worse), I stumbled across another highly coveted private company, Skild AI, that’s taking a very different approach towards this technology. Skild is making a robot-agnostic “brain” that can be implemented into any humanoid body. I quickly realized that taking a hardware-agnostic approach may actually be a bigger commercial opportunity in humanoid robotics, and Skild is also raising at a multi-billion-dollar valuation despite also being pre-revenue. 

Given my mental model around humanoids, I was very interested when I first came across Macrovey, a longtime player in the material handling space that has been operating for over 30 years, providing installations of complex material handling systems (ie. warehouse conveyors, pick-and-place systems, and sorters) to small/medium-sized warehouse operators.

Like any established installation business, Macrovey now has its eyes set on offering automated solutions to its customers. The company has now built a robot-agnostic automation platform that serves as a central operating system for these warehouses, integrating ERP, warehouse management, and robotic control into one intelligent layer. Warehouses can choose whichever robots fit their needs, and Macrovey’s proprietary control software layers on top to fully automate operations. In the same way that Skild AI is creating an agnostic “brain” for humanoids, Macrovey is creating the software layer that is verticalized for the material handling industry. 

While Macrovey is just getting started commercializing its robotics software, its legacy warehouse installation line is a big de-risking kicker to this business, averaging $10 million annually over the last four years. Not only do they have a strong revenue foundation, they also have 30 years of warehouse data from customers that can be used to train and refine their AI software, a key differentiating factor in AI.

STAFF PICKS 🌶️

HEVO

By Teddy Lyons

HEVO, a leader in wireless EV charging, has reopened the round that KC Capital invested into. If you missed out the first time around, I would highly recommend reading our top deal report on why we invested.

Kin Euphorics

By Teddy Lyons

Kin Euphorics makes functional, non-alcoholic drinks that elevate mood and connection without the hangover. With $11M in 2024 revenue, the brand is raising to scale retail and subscriptions nationwide.

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