SpaceX trims retail IPO allocation to low 20% range

SpaceX is allocating a smaller share of its initial public offering to retail investors than earlier expected, according to a person familiar with the matter. The company now plans to reserve a percentage in the low 20s for retail buyers, including individual investors outside the U.S., online brokerage customers, and privatebank clients. That is below prior expectations that about 30% of the deal would be set aside for retail investors. SpaceX is scheduled to start trading on Friday, and the offering is expected to value the company at around $1.8 trillion. The smaller retail allocation points to strong demand from institutional investors competing for shares in one of the largest public offerings in history. Even with the reduced share, the retail portion would still be unusually large for a U.S. IPO of this size.