Initial public offerings (IPOs) & Direct Listings (DLP) are a company's first sale of stock to the public.
How It Works
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
Most often, stocks don't begin trading at market opening on the day of their IPO/DLP. After the opening bell, regular trading typically begins 2-3 hours later, 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.