How to sign up for IPO Access | Robinhood

How to sign up for IPO Access

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.

Who's eligible for access?

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

Restricted people and anti-spinning requirements

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.

DSP restrictions

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.

Flipping policy

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.

Disclosures

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.

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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). Review a list of RHC licenses for more information.The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Review a list of our licenses for more information. Credit card products are offered by Robinhood Credit, Inc. ("RCT") (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

RHF, RHY, RHC, RCT, and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC, RCT, and RHS are not banks. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC isn’t a member of FINRA and accounts are not FDIC insured or protected by SIPC.

RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

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