IPO Access lets you request shares at the IPO price before they begin trading on the public market. The number of shares you request doesn’t change your chances of receiving an allocation.

Robinhood UK partners 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. Eligible customers can submit a request to buy shares at the IPO price. Allocations are determined as part of the offering process, based on the terms of each IPO and overall demand. You may receive all, some, or none of the shares you request. If you do not receive all or some of the shares requested, we will return the unused buying power to your account after allocation is completed.

To participate in IPO Access, you must be a UK resident and physically located in the UK when submitting your IPO order.

There are also some regulatory requirements that identify industry professionals, who are generally restricted from participating in IPOs. For instance, if you’re employed by or associated with a broker-dealer or are a portfolio manager, or are an immediate family member of such a person and materially support or receive support from the person, you may be restricted from participation. For more information, see FINRA Rules 52130 and 5131. Also, check out How to sign up for IPO Access for details.

Follow the steps in How to request IPO shares.

A limited number of shares are available for each offering. How many shares you receive depends on the terms of the offering and overall demand. You may get the full number of shares you requested, a partial amount, or none at all. We will set aside the buying power needed for the amount of shares requested. If you do not receive all or some of the shares requested, we will return the unused buying power to your account after allocation is completed.

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, can decrease the likelihood of receiving the requested amount of shares or receiving shares at all.

We can't guarantee each customer will receive the amount they requested, or any shares at all.

You can request IPO shares using USD cash. You cannot request IPO shares with margin buying power.

If the final price of the offering is within 20% of the price range as previously indicated, or the final IPO size (the total dollar amount of shares offered) is within 20% of the previously disclosed IPO size, you don’t need to reconfirm your request.

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

Whether you receive shares depends on the terms of the offering and the level of demand relative to shares available. Not every request will be fulfilled.

For details, check out Why didn't I get the requested IPO shares?

If you've requested IPO shares, we'll let you know on the IPO date how many shares have been allocated to you. You can check your allocation in the app or by email. We allocate shares generally on the IPO date before the IPO issuer's shares are trading on the open exchange.

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.

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 allocation amounts are finalized and the shares delivered to the applicable accounts, we will cancel any remaining pending orders. After your remaining pending orders are cancelled, any cash that was held for shares you did not receive will then be returned to your buying power. This typically occurs on listing day before the IPO begins trading on the secondary market.

When a company goes public, its stock might not start trading until late afternoon on its IPO date. This is because underwriters must ensure they've allocated all the sold IPO shares before the stock can begin trading in the secondary market.

If you did not receive shares through the allocation process, then you will need to wait for the security to start trading on the secondary market before you can acquire shares.

Before trading begins you are able to place limit orders for the security being listed. Once trading begins, you may use all other order types.

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

Robinhood UK can only offer IPO Access for US-listed offerings available through our distribution arrangement. We'll add more offerings over time as the programme expands.

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 once the IPO is complete and shares are trading in the public markets.

How shares from an offering are distributed to participating customers.

This is a request for IPO shares, also referred to as a conditional offer to buy (COB). By placing a COB, you’re asking for the opportunity to purchase a quantity of shares at the IPO price. An investor may place, edit, or cancel a COB after the initial price range is published and before the confirmation period ends.

This is when the registration statement is confirmed; typically the night before an IPO is set to trade.

Listing day is the day a company's stock starts trading publicly on a stock exchange for the first time. Shares are priced the night before based on investor demand, then officially begin trading the next day once allocations are finalized. As trading begins, the price begins to fluctuate due to market demand, so it can move up or down from the list price.

The first and most detailed part of a company's IPO filing. This includes information about their business activities, financial performance, risks, and the offering.

The primary market is where investors can buy newly-issued public shares in a company.

The secondary market is where reselling occurs. Stock exchanges provide a marketplace where shares of a publicly traded company can be purchased or sold on the secondary markets such as the New York Stock Exchange and Nasdaq.

The company that's going public and issuing shares.

The estimated price per share for the IPO. The issuing company and the underwriter work together to set the range. It gives investors a general idea of what the IPO price might be. The price range may change during the IPO process. The final price is available the night before the IPO is complete.

Also known as the public offering price or IPO price. This is the final price for shares before the company goes public.

There are limits to what an IPOing company can say and release to the public. This quiet period usually lasts through the IPO process and ends 25 days after the IPO list date. During this time, the company can't release information not found in their S-1 filing.

The investment bank or group of banks that helps a company go public. The banks help establish the price range, facilitate the company valuation, and write the prospectus.