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. Visit how to request IPO shares to learn more about placing a Conditional Offer to Buy for an IPO stock.

Who's eligible for access?

Most Robinhood users are eligible for IPO Access, but there are a few exceptions:

Restricted persons and anti-spinning requirements

There are some regulatory requirements that identify individuals who are generally restricted from participating in IPOs. For instance, if you are 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 material support from the person, you may be restricted from participation. For more information, see FINRA Rules 5130 and 5131. Your company’s compliance department may be able to provide additional guidance as to whether you or your immediate family members can participate.

Restrictions for Directed Share Programs (DSP)

There are some regulatory requirements that restrict participation in DSPs. If you aren't sure of your eligibility status, you may want to contact the compliance department of the company that invited you to participate in its DSP. For more information, see 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. See the SEC's Investor Bulletin to learn more about "flipping" and investing in an IPO generally.

You can sell the shares you received through IPO Access at any point in 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 on IPO Access.


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

Reference No. 20220518-2189127-6923516
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