IPO Access lets you request shares at the IPO price before a stock is available to the general public. Once you have access, you can submit a request or for IPO shares from select companies from within the app. Sign up for IPO access has more details.

Once you have IPO access, you can request IPO shares with the following steps in the app or on web classic.

1. In your account on the Home tab, do one of the following to find an IPO that you want to be notified about:

• In Investing, use the Search (magnifying glass) tool, and then select the IPO pill
• If opted into IPO messages, check your Notifications (bell icon) or email inbox for a message about it, and then open the IPO announcement link

2. Select Register to be notified
3. Review the checklist and confirm your eligibility
4. Read the company’s prospectus to learn more, including potential risks
5. Select Request shares
6. Enter the details of your request
7. Select Review
8. Swipe up or select Submit

A request for IPO shares is similar to a buy order, except the IPO request remains pending and doesn’t become an active order until the IPO is priced and set for the initial public offering.

When you submit a request for shares with IPO access you can indicate the number of shares you hope to purchase. But keep in mind that a request just means your order is eligible for an allocation of shares and doesn’t guarantee you’ll receive an allocation.

Before your request can turn into an opportunity to purchase shares, the following must occur: The SEC must declare the company’s registration statement effective The final offering price must be within the price range at the time you submitted your request

If you enter a request and you’re allocated shares, your request becomes an order and you’ll purchase those shares.

A limited number of shares are available for each offering. How many shares you receive, if any, depends on the terms of the offering and overall demand. You may receive all, some, or none of what you requested.

If you don’t get any shares, or only a part of the amount you requested, any extra funds that were on hold in anticipation of buying the IPO shares will be returned to your USD buying power. For details, check out Why you might not get all the IPO shares you request.

IPOs can be risky and speculative investments, and may not be appropriate for every investor. For details, review our Initial Public Offering Risk Disclosures.