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 Kohlberg Kravis Roberts & Co. (KKR), and other underwriters to offer access to new issue equity offerings.

View the IPO calendar
See upcoming offerings, download prospectuses, and request to participate in an offering.

New issue equity offerings


The process that a company uses to sell its first shares to the public, before the stock trades on any exchange, at a price determined by the lead underwriter

Follow-on offering

An issuance of stock by a company subsequent to its initial public offering

Secondary offering

The public sale of previously issued securities held by large investors, usually corporations or institutions

Eligibility requirements*

Customers meeting one of the following asset, trade, or relationship criteria qualify to request to participate:

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 offerings, and secondary offerings
to participate in IPOs accessed through strategic relationships with multiple underwriters

Account relationship

Participating in one of the following services:

Fidelity Private Client Group®

About IPOs available through Fidelity

We are able to provide access to a broad range of IPOs, 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 institutional investors, 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 request to participate in the offering.

Some IPOs have high demand. A predetermined algorithm allocates shares to eligible customers based on a number of factors, so you may not always receive the number of shares you request.

Next steps

View the IPO calendar
See upcoming offerings, download prospectuses, and participate in an offering.

Sign up for IPO alerts
Receive notifications of new IPO opportunities.

Open a brokerage account
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Additional information

Learn more about IPOs and get details on how to participate.

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