❗️ Important
Newly listed stocks may experience significant price volatility, and investors could lose part or all of their invested capital. Allocation isn't guaranteed. Terms apply.
IPO access lets you participate in an Initial Public Offering (IPO) - the process where a private company sells its shares to the general public for the first time. If your request is accepted, you receive shares at the official offering price set by the company and its underwriting banks.
📝 Note
IPO requests are different from pre-listing orders. Pre-listing orders queue a buy order that executes at the first available market price once trading starts. IPO share requests let you buy shares at the offer price, before trading starts.
For instruments offered through IPO share requests, pre-listing orders become available only after allocation is completed on listing day.
Who can request shares in an IPO?
IPO access may be available to clients of Trading 212 UK Ltd., Trading 212 Markets Ltd. and Trading 212 EU GmbH. Availability depends on the specific IPO — we won't necessarily offer the same IPO across all three entities, since each entity has its own separate relationships with issuers and underwriters. You can take part if:
- The specific IPO is made available in your country of residence, and
- You have an active Invest account (or, for UK clients, a Stocks ISA or SIPP).
📝 Note
Even if you meet these criteria, participation is determined on a per-IPO basis — the issuer and its underwriters may restrict a specific IPO to certain accounts, entities, or countries. If a given IPO isn't open to your account or entity, the request shares option won't appear in your app.
How does the flow work?
- Announcement: when an IPO is confirmed as available for access in your country, you'll see it in the app.
- You request shares: during the request window, you enter the amount you want to invest (requests are in monetary value, not number of shares).
- Your cash is reserved: we hold the requested amount aside in your account so it can't be used for other trades, withdrawn, or moved out of the account.
- Allocation morning: once the offer closes, the issuer and its underwriters decide the final offering price and how many shares each client receives. This is the allocation.
- Shares are delivered: on the morning the stock lists, you receive your allocated shares at the offer price, and any unallocated cash is returned to your account.
- Trading opens: once the stock is live on the exchange and trading is available in the app, you can hold, sell, or buy more, just like any other stock.
📝 Note
Before deciding whether to take part in an IPO, make sure to read the prospectus and the full details of the offer carefully — they contain the key information you need to make an informed decision.
What if there aren't enough shares for everyone?
When demand for an IPO is higher than the number of shares available, you'll receive fewer shares than you requested, or none, and the unallocated portion of your cash will be refunded to your account on the allocation morning.
The exact allocation policy is set by the issuer and can vary from one IPO to another.
What happens to my unallocated cash?
The unallocated portion of your reserved cash is automatically released back to your free funds on the allocation morning. You do not need to take any action — once released, the money can be used for any purpose: another trade, a withdrawal, or a move to another account.
Is my allocation guaranteed?
No. Submitting a request is not a guarantee that you will receive shares. Allocation depends on demand, the issuer's allocation policy, and the total volume requested across all intermediaries. You may receive all, some, or none of the shares you subscribed for.
What happens if the IPO is cancelled or postponed?
If the IPO is cancelled, your request is automatically cancelled, and the full reserved amount is returned to your account.
If the IPO is postponed, your request remains active until the new listing date. You can cancel it at any time before the the request window closes in the app if you no longer want to take part.
Cash reserved during the offer window
The amount you request is set aside as soon as you confirm your request and cannot be used for other trades, withdrawn, or moved to another account until the offer closes and allocations are complete. Any unallocated portion is released back to your free funds on the allocation morning.
What are the risks of participating in an IPO?
Investing in IPOs comes with specific risks. Please read carefully before requesting shares:
- Price uncertainty: once trading begins, the market price can move sharply in either direction. It may end up below the offer price you paid.
- Partial or no allocation: you may receive fewer shares than you requested, or none at all.
- High volatility on listing day: newly listed stocks can be extremely volatile in the first hours and days of trading.
- Limited information: pre-IPO companies may have less publicly available data than established listed companies.
- Cancellation/postponement: IPOs can be delayed or cancelled at short notice.