Pre-IPO markets: trade pre-launch valuations

How it works

When a company announces plans to go public, our pre-IPO market allows you to speculate on what that company's total market value might be worth when trading begins. This means you can follow the IPO through to when it launches and take a stance on how you think it will perform.

You can trade on our pre-IPO markets right up until the company launches. Once the IPO takes place and the company lists, your trade is settled against the official market capitalisation at the close of the first day of trading.

Important: you're trading on the company's overall market cap valuation, not individual share prices.

Example: If Company X is expected to IPO with a market cap of around £10 billion, you might see our pre-IPO market priced at £13 billion. You could:

• Go long if you think the actual market cap will be higher than £13 billion
• Go short if you think it will be lower than £13 billion

If the company was to close with a market cap of £15 billion at the end of the first day of unconditional trading, your profit or loss is calculated against that valuation.

If the IPO is cancelled or the company explicitly states it won’t happen, your open trades will be closed at the price at which they were opened, and no profit or loss will be realised. Trading the pre-IPO markets carry the same risks as all other markets offered on a CFD or Spread Betting , meaning you could lose more than you paid to open your position.

What companies can you trade?

You can currently trade the following companies: Revolut & Monzo. Additional markets are added periodically as new IPOs are announced.

Key features

Dynamic pricing

IG determines 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

Flexible trading

• No limit on number of trades
• No charges for holding positions overnight
• No FX conversion fees
• Find our Pre-IPO options on the IG web or app under the “Shares” and “Popular Markets” sections

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 IPO.

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 alternative exchange (outside the UK), valuations will be converted to GBP using the applicable currency exchange rates for that trading day.

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.