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Potential alternative model - find a brokerage/trading platform with a good affiliate program (ideally with a revshare option), offer this service free with a sign-up but then give members tutorials on how to make money using the IPO data.

If it were me, I'd start on a leads model - see how many you can drive and get paid per lead, then switch to revshare when you're confident the lead quality is good.

You also then have a massive email database of users interested in financial markets and services (because it was free to sign up) - plenty of opportunity to market them there, products, weekly tips, whatever.