How to apply for an IPO in the United States
There is no public bidding window. Access is decided at broker level and deal level, allocations are discretionary, and FINRA Rule 5130 restricts some persons.
Where can you apply for IPOs?
Tell us your residence, nationality and existing accounts; we match them against documented routes. No registration before your first result.
Who can apply
- Customers of a FINRA-member broker-dealer that participates in the selling group for that specific IPO and offers new-issue access to retail customers.
- Restricted persons under FINRA Rule 5130 (broker-dealer personnel, portfolio managers and certain associated persons and family members) may not buy new issues at the offer price.
- Non-US residents: most US IPO access programmes are limited to US residents. A few international brokers offer selected US new issues to non-US clients; we document those routes individually and show "Access not verified" until we have.
Accounts you need
- A brokerage account with a FINRA-member broker that runs an IPO access programme.
- The broker's new-issue eligibility attestation (Rule 5130), usually completed once in the app.
- Settled cash for the maximum you request; brokers typically require funds before the pricing night.
Where to apply
- Broker-dealers in the selling group of the specific deal, through their IPO access features.
- Directed share programmes run by the issuer for employees, customers or partners, where the prospectus describes one.
Each IPO page lists the channels confirmed for that specific issue, with their own deadlines, minimums and evidence dates. Paid placements never affect what appears there.
Step by step
- 1
Read the S-1 or F-1 on SEC EDGAR
The registration statement carries the business description, risk factors, the expected price range and the underwriters. It is amended as the deal progresses.
- 2
Check whether your broker is in the deal
Only brokers in the selling group can allocate shares. Most list upcoming deals they participate in a few days before pricing.
- 3
Submit a conditional offer to buy
You indicate how many shares you want at a maximum price. This is not a bid in an auction; the broker decides allocations.
- 4
Pricing
The issuer and underwriters set the final price the evening before trading begins. If it is above your maximum, your request is usually cancelled.
- 5
Allocation and first trade
Allocations are confirmed before the market opens. Shares begin trading the next morning; some brokers flip-restrict sales in the first days.
Timeline
Public filing on EDGAR
Weeks to months before the deal; the "expected pricing" date in our records is a provider estimate.
Roadshow and price range
Typically one to two weeks before pricing.
Pricing night
Final price set after the market closes.
First day of trading
The following morning on NYSE or Nasdaq.
Provider deadlines (a bank's or broker's cut-off) are often earlier than the issuer close. Each IPO page shows both separately.
Watch-outs
- An "expected pricing" date that has passed without pricing means the filing is still open; it is not a listing.
- Allocations are discretionary and often far smaller than requested, or zero.
- Selling allocated shares within a broker's flip window may restrict your future IPO access with that broker.
- Non-US residents trading US-listed shares after listing usually need a W-8BEN on file.
Frequently asked
Sources and review
Checked by the BrokerBazaar IPO desk on 2026-10-05; next scheduled review 2027-01-05. This guide describes documented procedures and eligibility. It is not investment, legal or tax advice, and BrokerBazaar does not take applications or money.
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