Robinhood revealed that it plans to expand in the white-hot IPO market as an underwriter, disrupting a field dominated by three financial giants. The IPO market has become a hotbed of activity, with several looming or confidential initial public offerings. Goldman Sachs, Morgan Stanley and Bank of America dominate the highly lucrative IPO underwriting market, capturing a portion of proceeds as underwriting fees in exchange for acting as gatekeepers to new companies coming public.