November 14, 2021

MWVBE investment firms getting seat at the table

Cynthia DiBartolo, CEO, Tigress Financial Partners, at the New York Stock Exchange.

Source: NYSE

Robinhood’s highly anticipated IPO last month was led by Wall Street heavy hitters Goldman Sachs and JPMorgan Chase.

But the extensive list of underwriters also included boutique minority-owned firms Ramirez & Co. and Siebert Williams Shank.

Of the 17 firms that helped underwrite the offering, four were owned by minorities, women or military veterans, a category known as MWVBEs.

It’s becoming a trend: 13 of the 25 biggest IPOs of U.S. tech companies in the past year included two or more such firms, according to FactSet.

Tech companies and Wall Street banks, long run and controlled predominantly by white men, came under intense pressure in mid-2020 to improve their diversity after the police murder of George Floyd and the Black Lives Matter protests that followed. Companies made promises to do…

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