Participating in an IPO
You can participate in an IPO on Fidelity.com from the Initial Public Offerings (IPOs) Calendar. Follow our step-by-step guide to learn how to get involved.
1. Sign up for IPO Alerts (email or Active Trader Pro alert only).
2. Select Participate for the offering you'd like to participate in.
3. Select the account, and then Next Step.
4. Download and Review the Prospectus, then Next Step
You must open the prospectus as part of the participation flow, even if you had previously opened from the calendar page.
5. Answer the Rule 5130 / 5131 qualification questions by choosing Yes or No.
6. Enter your indication of interest, which lets Fidelity know the maximum share quantity you're interested in buying.
7. Review your indication of interest from the Indications of interest tab of the Calendar page - Fidelity.com/IPO
- You can easily modify your indication of interest by clicking the edit button. You may increase the quantity up until the offering period has closed, but after that you may only decrease the quantity.
- You may delete your indication of interest by clicking the delete icon. Please note: if you delete your indication after the offering period has closed, you will not be able to reenter it.
8. Confirm your indication of interest on the night of pricing.
You must confirm your indication of interest after the registration statement has been declared effective and the offering has been priced (usually after 7:00 p.m. ET on the night of pricing). Confirming an indication changes your indication to an order to buy shares at the offer price.
- You can confirm or reduce your existing quantity, but you can't increase shares during confirmation.
- You must confirm your interest to remain eligible for an allocation of shares. This doesn't guarantee you will be allocated shares.
9. You will receive an alert once allocation has occurred. To check if you were allocated shares, go to Activity & OrdersLog In Required (Log-in Required).
Allocation will occur on the morning following pricing and is usually complete before 9:30 a.m. ET. An alert will be sent once allocations are complete, and you can check the Activity and Orders tab of your account to determine if you were allocated any shares. Your account will be debited for the purchase if you receive an allocation.
