You can place orders for certain stocks before their initial public offering (IPO) using your Robinhood app.
We typically allow our customers to place limit orders to purchase shares of IPOs on their opening day around 8 AM ET. If you place an order, we’ll send it to our execution venue the morning of the IPO. You won't have to worry about paying more than you want because your order won't execute above your limit price.
Keep in mind these aren’t pre-IPO stocks or private placements, and you’re not participating in the IPO. We're simply providing you the convenience of entering your orders before the morning of the IPO. We can’t execute your order until the stock crosses, or begins officially trading publicly.
The estimated price we provide is based on the company’s preliminary public SEC filings. The information in the filings isn't necessarily complete, and it may be changed. The estimate isn't meant to be used as a guideline for the market value of the company.
Stocks don't always begin trading at market open on the day of their IPO. Expect delays while the exchange processes all of the orders relating to the new stock. You may not have your order filled until later in the day, so don't be alarmed if your order isn't filled right at the market’s open.
Newly public stocks are usually more volatile than more mature stocks. Prices may change quickly, and your order may not be filled even if your order’s limit price is at or above the displayed price. Because of this volatility, you can’t use Robinhood Gold buying power on recent IPOs for the first 30 days.
IPOs can be risky and speculative investments, and may not be appropriate for every investor. For details, review Initial Public Offering Risk Disclosures.