Why didn't I get the requested IPO shares? | Robinhood

Why didn't I get the requested IPO shares?

IPO access lets you purchase stock in companies at the time they go public. If you submit a request for IPO shares, you might only receive some, or none, of what you requested. The following are some common reasons why.

No shares distributed yet

Customers who receive an allocation don't get their allocated shares immediately after the underwriter determines the final price. The final price is usually announced the night before the IPO. If you’re allocated shares, you can expect to receive them the following day.

The price moved too far

Leading up to the IPO list date, a price range is used to help determine an estimate of the final price. However, this range is subject to change, and typically the final price isn’t confirmed until the night before the anticipated list date.

If the price of a stock ends up outside of the price range by more than 20%, up or down, you’ll need to actively reconfirm whether or not you still want to purchase the stock at the new price. If you don’t do this within the confirmation window, we’ll cancel your request. Don’t worry, we’ll send you notifications when this happens, so you can confirm your request at the new price.

Unapproved registration statement

When a company goes public, it must submit a registration statement to the SEC. This document contains information about the company including finances, business operations, and management plans and practices. The SEC must approve that registration statement (declaring it effective), before a company can proceed with an IPO.

Not enough shares

We randomly select who gets to buy shares out of all the requests sent in by our customers. The selection process is random with no preference for any specific requester. We only get a limited number of shares for each IPO. If customer demand is higher than our supply or we get more total requests than we were allocated, we can’t fulfill all of them.

Restricted from participating

Some regulatory requirements define those who are generally restricted from taking part in IPOs. Generally, if you or an immediate family member work at a broker-dealer, are a portfolio manager, or an executive or director of a public company, you won't have access to this program. For more information, review FINRA Rules 5130 and 5131.

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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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