Pre-IPO Trading

How Does It Work?

Robinhood allows you to place orders for certain IPOs in advance of the listing date. These orders are limit orders, which means you set the price you're willing to pay for the stock. We’ll send your limit order to the execution venue on the morning of the IPO. You aren’t guaranteed the order will execute–instead, if we can execute your order at or below the price you set, we will! You don't have to worry about paying more than you indicated because your order won't execute above your limit. At any time, you're welcome to cancel your order and/or place another order in the app as you normally would.

Are these Private Placements?

Please keep in mind these are not pre-IPO stocks or private placements and you’re not participating in the IPO. We're simply providing you the convenience of entering your orders before the morning of the IPO. Your order won’t actually be executable until the day of the stock begins trading.

What is the "Estimated Price"?

The estimated price we provide is just that–an estimate based on preliminary SEC filings from the company going public. The information in the preliminary filings is not necessarily complete and may be changed. The estimate is not meant to be used as a guideline for the market value of the company. You can find relevant SEC filings here.

When Will My Order Be Filled?

As past experience shows, stocks don't always begin trading at market open on the day of their IPO. Please expect delays as the exchange processes all of the orders relating to the offered stock. This means you may not have your order filled until later in the day, so don't be alarmed if your order isn't filled right at market open. 

Newly public stocks are often more volatile than mature stocks. Prices may change quickly and your order may not be filled even if your order’s limit price is at or above the displayed price. Because of this volatility, you can’t use Robinhood Gold Buying Power on recent IPOs because they have a 100% maintenance requirement for up to 30 days.

Thank you for using the new Robinhood IPO feature! Happy Trading!

Robinhood does not offer private placements or participation in initial public offerings.  Pre-IPO orders are limit orders that are queued for transmission to an executing venue on the morning of the initial public offering.  These orders may be cancelled at any time.

Pre-IPO queued orders are not guaranteed to execute. Executions depend on several factors including but not limited to market conditions, network latencies, volatility, and share availability.  Orders may not be filled even where the quoted or displayed bid and/or offer prices are below the limit price.  The time of an IPO may not be decided until the morning of the IPO and the IPO may not be tradeable when the market opens.

The estimated price information and date for pre-IPO securities comes from public filings with the SEC, including the S-1 registration statement and prospectus.  SEC filings can be accessed here. Neither estimated price information nor Robinhood’s pre-IPO queueing are recommendations, solicitations, or analyses to buy or sell the pre-IPO security.  Investments in new public offerings involve substantial risk. SEC filings related to the initial public offering can and may be revised, potentially after orders are queued for the security.  Robinhood is not responsible for any such changes and does not guarantee or warrant the estimated price information, date of IPO, or any other information contained in SEC filings for the pre-IPO security.  Investors should consider their investment objectives and risks carefully before queueing orders for pre-IPO securities.

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