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.”