Robinhood banks on its traders' allegiance in IPO like no other

Robinhood will reserve up to 35% of shares for its app users at the pre-trading range of $38 to $42 apiece

For any company on the brink of going public, the final days before its trading debut can feel like a big balancing act.

Even by those standards, Robinhood Markets is walking a uniquely fine line.

The company behind the trading app that starred in this year’s meme stock run-up is carving out an unusually large role for those very same novice investors. On Thursday, when its shares are expected to begin trading after they price late Wednesday, the wisdom of that strategy will be put to the test.

The interests of bankers, founders and employees may not always align, but they all typically