How do I participate in an IPO at Saxo?

In certain markets and specific cases, IPO access may be made available. When this happens, eligible clients are informed through relevant communications, and the IPO will be visible in the platform.

Availability is assessed on a case‑by‑case basis and may be limited or unavailable.

Access depends on factors such as:

• Distributor arrangements
• Regulatory and product‑governance requirements
• Client residency
• Account type
• Client classification

Not all IPOs will be visible or available in the platform.

What is an IPO?

For investment details, risks, and conditions, always refer to the issuer’s approved prospectus and related offering documents available in the platform.

How do I register for an IPO?

If an IPO is available to you:

1. In the platform: 
   • SaxoTrader: go to Trading > IPOs
   • SaxoInvestor: go to Markets > under Products, click Stocks > at the bottom of the page click Initial Public Offerings (IPOs) 
2. Select the relevant issuer.
3. Review the approved prospectus and any related offering documents.
4. If you choose to proceed, enter and confirm your subscription instruction in the IPO module.
5. Ensure you have sufficient settled cash and meet the eligibility requirements.

You can usually amend or cancel your instruction within the subscription window.

All IPO‑specific terms — such as the subscription period, offer price or price range, minimum and maximum subscription limits, quantity rules, cash reservation requirements, and expected listing details — are provided in the platform for each available offering. Always refer to the approved prospectus and related offering documents available in the platform.

How does IPO share allocation work?

• Share allocation (if any) is determined by the issuer and/or underwriters, in line with the prospectus and their allocation policies.
• Your final allocation may be lower than requested, or you may receive no allocation.
• Saxo does not influence allocation decisions.

Once allocation information is received, your final allocation (if any) will be shown in the platform.

Cash availability at subscription and allocation time

• When you submit a request via our platform, we validate that you have sufficient cash to cover the purchase. At this stage, funds may not be reserved.
• If you are allocated shares, the final purchase amount will be debited from your account at the time of allocation.
• If sufficient funds are not available at the time of allocation, your request will be cancelled and you will lose your allocation.
• Partial execution (e.g. receiving fewer shares due to insufficient funds) is not supported. If sufficient funds are not available to cover the full request, it will be cancelled and no shares will be allocated.
• If you are not allocated shares, no funds will be charged (and any reserved funds will be released). 

Why do IPO prices sometimes differ between U.S. and European documents?

In global IPOs, investors may see different figures quoted in U.S. and European documents, but the underlying per-share offer price is typically the same across regions.

For example, a European prospectus might display a higher “maximum public offering price” than the currently expected price. This higher figure acts as a technical cap and allows flexibility if the U.S. bookbuild results in a higher final price than initially indicated. In this way, European investors can still participate without requiring updated documentation.

The final price paid by European retail investors is set to match the final U.S. offering price. This means that all allocated investors pay the same price per share.

Any apparent differences are usually due to regulatory disclosure practices, currency conversion, or local fees and taxes, rather than differences in the actual offer price.

When will I receive my shares?

If you receive an allocation:

• Shares are typically booked to your account on or after the settlement date set by the issuer or underwriters.
• Cash will be debited for the allocated amount.
• Any excess reserved funds will be released.

You can monitor allocation and settlement status in the platform.

When can I trade my shares?

You can trade your shares once:

• The shares have been admitted to trading by the exchange, and
• The shares have been booked into your account.

The first trading day and time are determined by the issuer and the exchange and are described in the approved prospectus and related offering documents.

Troubleshooting

• I can’t see the IPO section or a specific IPO: You may be ineligible due to residency, account type, or other criteria, or the IPO may not be available yet.
• I didn’t receive any shares: If demand exceeds the number of shares available, allocations may be reduced or not granted at all.
• Can I change or cancel my request?: Yes, changes will only be possible within the subscription window. 
• The Enter subscription instruction button is greyed out: Check that you have sufficient settled cash, you’re using a supported account, and you’ve completed any required acknowledgments in the platform.
• My instruction isn’t showing after I confirmed: Refresh the page or log out and back in.
• I don’t see shares after allocation was announced: Shares are booked on or after the settlement date.
• I can’t trade the shares: Trading is available once the exchange has admitted the shares to trading and the shares are booked to your account.