IPO Access lets you request shares at the offer price as the stock becomes available to the general public. Learn more about initial public offerings (IPOs).

We partner with a UK Public Offer Platform provider to give UK retail customers the opportunity to participate in eligible IPOs before shares begin trading on the public market.

We invite users to engage with the Robinhood app to explore available IPOs.

Follow the steps in How to request IPO shares.

A limited number of shares are available for each IPO. The number of shares, customer demand, and other factors are used to determine how many shares you'll get. You may get the full number of shares you requested, a partial amount, or none at all.

Not all customers who request IPO shares will receive them. Market demand, similar to stocks, varies for every IPO. The higher the demand for each IPO, the lower the chance each customer is selected to receive shares, or receives the full amount requested. The number of shares you request doesn't change your chances of being selected, though your requested amount can affect how many shares you actually receive. For details, check out Why didn't I get the requested IPO shares?

No fees are added when investing in an IPO company. You simply pay for the shares you are allocated at the offer price. See our fee schedule for full details. Intermediaries like Robinhood may be eligible to receive commission on the amount allocated.

If you submitted a request for IPO shares, we’ll notify you of your allocation result on the IPO date in the app and/or by email. You’ll see whether your request was fully filled, partially filled, or not filled, and any allocated shares will be booked to your account, typically before the stock begins trading on the public market.

The number of shares you request factors into how many you actually get, but it doesn’t affect the likelihood that you’ll get any allocation. You may get all, some, or none of the IPO shares you request. The amount you request lets us know how many shares you're interested in purchasing.

When a company goes public, its stock might not start trading until after 2:30pm UK time on its IPO date, once US markets open. This is because underwriters must ensure they've allocated all the sold IPO shares before the stock can begin trading in the secondary market.

The underwriter, working with the issuer, determines the list price. Once the stock is trading, the opening price is determined by what investors are willing to pay per share, which also determines the stock’s price moving forward.

After subscriptions are finalized and if shares are delivered to the applicable account, we will cancel any remaining pending orders. Once any remaining pending orders are cancelled, any cash that was held for the order will then be released to your buying power.

KEEP IN MIND Allocations may not be finalized immediately after the market opens. You may notice a slight delay between receiving the allocation information and having your final order updated accordingly.

Exchanges decide when they will start making options available. Options aren't available for at least 3 business days after a company goes public. Sometimes, it takes much longer (30-60 days) before a stock is eligible for options. Stock exchanges look at various factors when making that decision, including:

• Number of outstanding shares
• Number of shareholders
• Trading volume
• Stock price

We partner with a UK Public Offer Platform that provides UK retail customers the opportunity to participate in eligible IPOs before shares begin trading on the public market. We endeavour to make eligible IPOs available to our UK customers, where possible.

Once a company files to go public, there's a quiet period. During the quiet period, we block news from the company’s stock detail page. Company information will be available in the app once the IPO is complete and shares are trading in the public markets.