RealTime IT News

National Discount Brokers Offering IPOs

Internet broker National Discount Brokers expanded its services Tuesday by teaming up with Wit Capital to offer initial public offerings.

The agreement makes NDB part of Wit's E-Syndicate and will allow qualified NDB customers to get a share of IPOs offered through Wit Capital.

The company said it expects to begin offering IPOs in the first quarter of 1999. NDB customers will be awarded shares on a first-come, first-serve basis.

"Our agreement with Wit Capital adds an important new feature to NDB and will make IPOs more accessible to individual investors," said Neville Golvala, managing director of NDB.

"For too long, IPOs have been the exclusive domain of institutional and high-net worth investors. The E-syndicate will help make the whole IPO process more open and equitable and we are excited about providing NDB customers with this access."