SoFi to give amateur investors early access to IPOs in break from Wall Street tradition

Online finance start-up SoFi is lowering the barrier for amateur investors to buy shares of companies as they go public.

These IPO shares have historically been set aside for Wall Street’s institutional investors or high-net worth individuals. Retail traders don’t have a way to buy into newly listed companies until those shares begin actually trading on the exchange. By that time, the price has often gapped higher.

“Main Street will have access to investing in a way they wouldn’t have before,” SoFi CEO Anthony Noto said in a phone interview. “It gives more differentiation, and more access so people can build diversified portfolios.”

SoFi itself…