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Important CFD trading information
With CFDs, you can lose more than you deposit, you do not have ownership in the underlying asset and you may be subject to margin close-outs if you do not maintain sufficient margin.
Ways to trade IPOs with us
Trade Pre-IPO CFDs before companies list
Take a position before the official listing with contracts for difference (CFDs). Go long or short based on your view of the potential market cap and access high-profile IPOs across different sectors.
Trade shares after the IPO listing
Once a company completes its IPO, trade the newly listed shares with CFDs. Take a position to speculate on price movements and profit from both rising and falling markets.
Buy and hold IPO shares
Prefer to own the underlying asset? Open a share trading account to invest in newly listed companies. This gives you direct ownership of the underlying shares1 and the ability to build a long-term investment portfolio.
Remember, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
What is an initial public offering (IPO)
An IPO is one of the methods that companies can use to go public – which will make its stock available to retail traders and investors. The company will decide how many shares it wants to offer, and an investment bank will suggest an initial price for the shares based on the predicted demand for them. For most traders and investors, an IPO is the first opportunity to gain exposure to a company’s shares.
What companies can you trade pre-IPO
Start trading on Revolut, OpenAI, SpaceX and Stripe. We’ll add additional markets as new IPOs are announced.
Market |
Value of one contract | Dealing hours | Dealing spread | Price notation | Limited risk premium | Minimum margin requirement | |
| Retail | Pro | ||||||
| OpenAI | $10 (USD) / per point |
24 hours | 25 | ($ billion/s) | N/A | 25% | 20% |
| Revolut | $10 (USD) / per point |
24 hours | 4 | ($ billion/s) | N/A | 25% | 20% |
| SpaceX | $10 (USD) / per point |
24 hours | 20 | ($ billion/s) | N/A | 25% | 20% |
| Stripe | $10 (USD) / per point |
24 hours | 6 | ($ billion/s) | N/A | 25% | 20% |
| Strava | $10 (USD) / per point |
24 hours | 2 | ($100 million/s) | N/A | 25% | 20% |
| Anthropic | $10 (USD) / per point |
24 hours | 12 | ($ billion/s) | N/A | 25% | 20% |
Notes:
- Settlement is based on the market capitalisation at the close of the initial trading day, with outstanding and optional shares excluded from the calculation
- All markets featured have a defined expiry date, at which point any remaining open positions are voided if the company has not yet completed its public offering
- Dealing hours 24/7 (apart from 9am Saturday to 7pm Saturday AEDT)
- Minimum trade size 0.1 contracts ($1 USD / per pt)
- No overnight funding charges apply
- Expiry dates for each market can be found in the Info tab on the IG trading platform (Market Info tab on mobile)
Key pre-IPO features
Dynamic pricing
We determine the prices of our pre-IPO markets. These prices move in real-time and are affected by:
- IG client trading activity
- Breaking news about the company
- Changes to expected pricing or subscription levels
- New fund-raising announcements
- Analysts valuations and research reports
Flexible trading
- Trade 24/7 with our Pre-IPO markets2
- No charges for holding positions overnight
- Find our Pre-IPO markets on the IG web platform or app under the “IPO” and “Popular Markets” watchlists
- Take your position and go long or short on any company listed in the pre-IPO market
Built-in protection
- Every Pre-IPO market has a set expiry date, specified in-platform. This is a date by which the company needs to float
- If the company doesn't go public by this date or cancels their IPO plans, all open positions are voided without realising any profit or loss
- Any trades you've already closed before expiry will remain unchanged. This means that any realised profit or loss will not be affected even if the IPO misses its expiry date
What you need to know
Settlement: your trades are settled against the official market capitalisation at the close of the first day of unconditional trading.
International listings: if a company lists on an overseas exchange, the final valuation will be based on the foreign exchange rate at the close of trading. For example, if a UK company is quoted in terms of its USD valuation but ultimately lists in the UK, the USD valuation will be obtained using the GBP/USD rate.
Market cap focus: you're speculating on the company's total valuation, not on individual share prices.
Timing: IPO dates can change. Companies may delay or even cancel their public offering plans.
Pricing: our opening prices typically reflect market expectations, allowing you to take a view on whether the actual IPO market cap will come in above or below our initial pricing.
Where to find IPO markets on our trading platform
Find our IPO markets on the IG web platform or app under the "IPO" and "Popular Markets" watchlists.
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Footnotes:
1 When investing with us, you’ll do so via our share trading platform using our custodial model. This means that we manage, hold and safeguard securities you choose to buy and sell on your behalf. Via our custodial model, you’ll be able to buy and have a stake in actual assets – for example, shares in an ASX 200-tracking ETF or ASX 200-constituent company. You’ll also be entitled to dividends if any are paid, and granted voting rights if applicable.
2 24/7 excludes the hours from 10pm Friday to 8am Saturday (UK time)
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Disclaimers
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You do not own or have any interest in the underlying asset. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Please consider the Margin Trading Product Disclosure Statement (PDS), Risk Disclosure Notice and Target Market Determination before entering into any CFD transaction with us.
- The value of shares, ETFs and ETCs bought through an IG share trading account can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
- Please ensure you fully understand the risks and take care to manage your exposure.
- The information on this website is prepared without considering your objectives, financial situation or needs. Consequently, you should consider the information in light of your objectives, financial situation and needs.
- This website is operated by IG Australia Pty Ltd. IG Australia Pty Ltd is located on Level 32, Queen & Collins, 376-390 Collins Street, Melbourne, VIC 3000. ABN 93 096 585 410, Australian Financial Services Licence No. 515106. Derivatives Issuer Licence in New Zealand FSP No. 684191, NZBN 9429047618251.