IPO Access gives you the opportunity to buy shares at the IPO price right before the stock starts trading on the secondary market. How to request IPO shares has more details about placing a conditional offer to buy an IPO stock.

Most Robinhood customers are eligible for IPO Access. However, the following are a few reasons why a person might be ineligible.

Some regulatory requirements identify individuals who are generally restricted from participating in IPOs. For instance, if you’re employed by or associated with a broker-dealer, are a portfolio manager, are an immediate family member of, or you materially support or get material support from a restricted person, you may also be restricted from participation.

For more information, review FINRA Rules 5130 and 5131. Your company’s compliance department can provide additional guidance on if you or your immediate family members can participate.

Directed share programs (DSPs) have some regulatory requirements that restrict participation. If you don’t know your eligibility status, contact the compliance department of the company that invited you to participate in its DSP. For more information, review FINRA Rule 5130.

Issuing companies and their underwriters may discourage flipping by refusing to allocate IPO shares to customers who have flipped shares in the past. Flipping could also lead us to offer fewer IPOs in the future. Review the SEC's Investor Bulletin to learn more about flipping and generally investing in an IPO.

You can sell shares you get through IPO Access at any time. However, if you sell IPO shares within 30 days of the IPO, it's considered flipping and you may be prevented from participating in IPO Access for 60 days. This policy applies to all IPOs offered through IPO Access.

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