Public offerings that serve a wealthy few

A winner-takes-all dynamic means a handful of investors sweep in early on hot start-ups

Signage for Snap Inc., parent company of Snapchat, is displayed on monitors on the floor New York Stock Exchange (NYSE) before the opening bell, March 2, 2017 — Photo by Drew Angerer/Getty Images

By Rana Foroohar

The US market in public share listings is ailing; over the past two decades, the number of initial offerings has plunged 45 per cent. That is one reason Barack Obama, then president, passed the Jumpstart…

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