Initial public offerings (IPOs) & Direct Listings (DLP) are a company's first sale of stock to the public.
How does the IPO work?
You can place pending orders once there's an estimated price, however, market orders will not be accepted until the company officially begins trading publicly. Afterwards, orders will be filled regularly.
When to Expect Order Execution for a company that just became public?
Most often, stocks don't begin trading at market opening on the day of their IPO/DLP. Regular trading typically begins 2-3 hours after the opening bell 🔔, so your order may not be filled until later that day. Don't worry, this is completely normal, and it happens during all such events.