How do I apply for an IPO?

You can apply for an Initial Public Offering (IPO) when a company is due to go public on the stock market. On our webpage, you’ll see any active IPOs for which you can apply.

From here, you can view any supporting documents that make up part of the offer, such as the Factsheet, Prospectus, or KID (Key Information Document). You’ll need to have opened an account with us first and have money deposited for the amount you are looking to invest.

How much can I invest in an IPO?

There is usually a minimum investment level of £1,000. However, generally, no maximum is imposed, although there are normally a limited number of shares or bonds available.

If the offer is oversubscribed, you might not be able to buy all the shares or bonds you want (this is known as being scaled back). If this happens, your money will be returned to your available cash balance once the investment amount has been confirmed.

What are the charges for investing via IPOs or new issues?

Most IPOs or new issues are distributed to retail investors via an intermediary offer. Where AJ Bell is appointed as an intermediary, a fee will be paid to us by the company or their appointed agents and in this case, our normal dealing charge will not apply.

If we do not receive any intermediary fee for an IPO or new issue, then our standard online dealing charge will apply. Please note there is no stamp duty or PTM levy payable for IPO applications.

Does the IPO qualify for an ISA or SIPP?

In most cases, you can use money in your Stocks and shares ISA, Lifetime ISA, Junior ISA or SIPP to invest in an IPO or new issue.

For equity IPOs and new issues, the eligibility of an investment into an ISA or SIPP depends upon which market the company is listing, as well as the type of IPO or new issue. In some cases, Junior ISAs will be excluded from IPOs and new issues if the investment has a minimum qualifying limit of 18 years of age.

When will I know my allocation for an IPO?

If your application for the IPO was successful, we’ll allocate the shares and refund any surplus cash to your account. We’ll know this once details of the allocation policy have been announced.

We’ll also issue a contract note confirming the number of shares or bonds you have been allocated. The total cost, including any applicable charges, will also be shown.

Learn more about how IPOs work.