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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:

Account restrictions and broker-dealer associations

There are some regulatory requirements that define individuals who are generally restricted from taking part in IPOs. Generally, if you are employed by or associated with a broker-dealer, portfolio manager, or other financial institution or an immediate family member of someone fitting this criteria, you may be restricted from participation. For more information, see FINRA Rules 5130 and 5131. You or your immediate family member can also reach out to your company’s compliance department to verify if you can participate.

Restrictions for Directed Share Programs (DSP)

There are some regulatory requirements that define individuals who are generally restricted from taking part in IPOs. If you aren't sure of your restricted person or eligibility status, you may want to contact the compliance department of the company that invited you to their DSP. For more information, see FINRA Rule 5130.

Flipping policy and considerations

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.

Like any investment you make, 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 IPOs for 60 days. This policy applies to all IPOs offered on IPO Access.


Disclosures

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

Reference No. 20210505-1634612-4896381
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