How to request IPO shares

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 “conditional offer to buy” (COB) for IPO shares from select companies from within the app. Visit our Help Center to learn how to get IPO Access.

Once you have access to IPO Access, you can request IPO shares by following these steps:

1. Find an IPO that interests you
2. Tap the I'm interested button
3. Review the checklist and confirm your eligibility
4. Read the company’s prospectus to learn more, including potential risks
5. Tap the Request shares button
6. Enter the details of your request
7. Tap the Review button
8. Swipe up to submit your request for shares

NOTE: You can only request shares after the underwriter sets the initial price range.

A conditional offer to buy (COB) is similar to a "buy order,” except the COB remains pending and does not become an active order until the IPO is priced and set for the initial public offering. You can edit or cancel your COB until the end of the confirmation window, after final pricing.

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

Two things must happen before your COB can turn into an opportunity to purchase shares:

1. The SEC must declare the company’s registration statement effective
2. The final offering price must be within the price range at the time you submitted your COB

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

We display this date and time for you on the IPO share’s stock detail page in the app. You’re able to enter, edit, or cancel your request for IPO shares up until this time; however, once this time has passed, the request is locked until allocation is complete (which is typically mid-morning on the list date for the IPO).

It’s important to note, if the IPOing company’s final price is above or below 20% of the anticipated price range, you must reconfirm your conditional offer to buy shares within the confirmation window. If no action is taken, your request will be canceled. Don’t worry, we’ll send you notifications when this happens so you’ll have a chance to reconfirm your request at the new price.

NOTE: if the final price is within 20% of the price range, you don’t need to worry about confirming your request; however, you will only be given until the end of the confirmation window to cancel before the offer is locked and unable to be adjusted.

We work with the underwriter to receive a limited number of shares. We use the number of shares we receive, customer demand, and other factors 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.

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 buying power. Learn more about why you might not get all the IPO shares you request in our Help Center.

IPOs can be risky and speculative investments, and may not be appropriate for every investor. Learn more.