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How to participate in an IPO

Participating in an IPO

You can participate in an IPO on 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. Download and review the Prospectus for the offering.

You can access the Prospectus from the alert email or the IPO calendar.

3. Select Participate for the offering you'd like to participate in.

4. Select the account, choose Enter New Indication of Interest, and then Submit.

5. For the second time, select Participate for the offering you'd like to participate in.

6. Answer the Rule 5130 / 5131 qualification questions by choosing Yes or No.

7. Enter your indication of interest, which lets Fidelity know the maximum share quantity you're interested in buying.

  • You can view and check the status of your indication of interest until the offering period has closed. 
  • You may increase or decrease the quantity until the offering period has closed. 

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.

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. 

Check out our IPO calendar

View initial public offerings (IPOs), download a prospectus, or participate.

More to explore


Get answers to most frequently asked IPO questions.

There are risks associated with investing in a public offering, including unproven management, and established companies that may have substantial debt. As such, they may not be appropriate for every investor. Customers should read the offering prospectus carefully, and make their own determination of whether an investment in the offering is consistent with their investment objectives, financial situation, and risk tolerance.

This information is intended to be educational and is not tailored to the investment needs of any specific investor.

Any screenshots, charts, or company trading symbols mentioned are provided for illustrative purposes only and should not be considered an offer to sell, a solicitation of an offer to buy, or a recommendation for the security.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917