Fidelity clients may gain access to IPOs

Investors have long coveted hot initial public offerings. But access to the biggest IPOs usually requires big money and insider connections. However, a deal between Fidelity Investments and Kohlberg Kravis Roberts & Co. may change that.

The companies are reportedly near a deal to give some of Fidelity's 20 million individual and institutional clients access to IPOs by the stable of companies in which KKR has made private equity investments.