Robinhood’s IPO took place on July 29, 2021. In its SEC filings and pre-IPO communications, Robinhood said it planned to reserve 20%–35% of its Class A IPO shares for its own customers, rather than allocating everything to institutional investors. An AP report on the filing notes that Robinhood “wants to sell a big chunk of its stock to those customers… It expects 20% to 35% of its Class A stock to go directly to customers.” (marketbeat.com)

Coverage of the actual IPO confirms that this plan was implemented. Analyses of the offering describe Robinhood as having demanded a large allocation for its brokerage customers, with underwriters reserving roughly 20%–35% of the IPO for them—far more retail allocation than a typical U.S. IPO. (fortune.com) This means that when Robinhood went public, a significant portion of IPO shares was indeed allocated directly to Robinhood retail customers, not exclusively to institutional investors.

Given this, Friedberg’s prediction that “when Robinhood conducts its IPO, the company will allocate at least some portion of the IPO shares directly to Robinhood retail customers rather than exclusively to institutional investors” came true.