Initial Public Offerings (IPOs)

Eligible Fidelity customers are welcome to participate in new issue offerings, including initial public offerings (IPOs) as well as follow-on and secondary offerings.

We have established relationships with Credit Suisse, Kohlberg Kravis Roberts & Co. (KKR), and multiple other underwriters to offer access to both new issue equity and fixed income offerings. Account holders can sign up for Fidelity Alerts to receive notifications of these opportunities.

Research IPOs
View the calendar of upcoming offerings, download prospectuses, participate in an offering, or confirm your indication of interest (IOI).

Types of equity offerings

Traditional IPO

This is the process that a company uses to sell its first shares to the public. The price is determined by the lead underwriter. In an IPO, investors buy shares before the stock trades on any exchange.

Follow-on offering

This is an issuance of stock by a company subsequent to its initial public offering.

Secondary offering

This type of offering is the public sale of previously issued securities held by large investors, usually corporations or institutions.


Also known as an auction IPO, this process is based on a model similar to that used to auction U.S. Treasuries.


Customers meeting any of the following criteria can qualify to participate in IPOs:

Retail assets
Excludes institutional and annuity assets—such as 401(k) and 403(b)—and annuity contracts.

to participate in traditional IPOs sponsored by KKR, follow-on and secondary offerings, and OpenIPOs
to participate in traditional IPOs sponsored by Credit Suisse and other underwriters

Commissionable trades
Includes stock, fixed income, or option trades.

36 trades in a rolling 12-month period

Account relationship

Participating in one of the following services:

Fidelity Premium ServicesSM

Fidelity Private Client Group®

Fidelity Brokerage Services provides access to a broad range of Initial Public Offerings (IPOs) for eligible brokerage customers. We are able to provide this service thanks to our relationships with investment banks that underwrite IPOs and allocate some shares to Fidelity Brokerage Services.

The lead underwriters allocate the vast majority of IPO shares to institutions like pension funds and mutual funds. Only a small percentage of any IPO is allocated to retail investors. Fidelity acquires shares through investment banks participating in the offering and makes these shares available to eligible customers who attempt to participate in the offering.

At Fidelity, we strive to allocate all IPO shares as fairly as possible. But particularly in popular IPOs we can't always meet customer demand.

Types of fixed income offerings

Bond markets
Fidelity also offers investors the opportunity to participate in both new issue and secondary bond markets.

More information

Stock FAQs: IPOs 
Learn more about the differences between traditional and OpenIPOs, and get details on how to participate.

IPO Glossary 
Get definitions for terms used to describe the IPO process.