About IPO subscriptions
What is an initial public offering (IPO) subscription?
An IPO is when a privately-owned company sells shares to the public for the first time, making them available to retail investors. Funds raised by an IPO go directly to that company.
A subscription is when you bid for shares of the IPO before the company is publicly traded. Through intermediaries like Revolut, you can make a subscription to bid for shares while the subscription window is open.
If your subscription is successful, the shares will be delivered to your Revolut investment account on the day the company lists on the stock exchange. In some cases, due to high demand, you may receive fewer shares than you bid for, or even none at all.
How is this different from buying shares of a company?
When you buy shares of a company through Revolut, you're buying via a stock exchange (the secondary market). With an IPO subscription, you're bidding directly in the primary market at the offering price set by the company being listed and its bankers before the shares are publicly traded.
You commit to your subscription in advance, meaning you won’t know the exact price or how many shares you might receive when the company is listed publicly. However, an indicative price range per share will be provided beforehand.
Who can make a subscription?
To make a subscription for any of our IPO deals, you’ll need to open an investment account with Revolut. You also must be a resident of a country where the deal is being made available (this will vary by deal, so you should check specific subscription details in-app).
Some offerings may have additional restrictions, which will be shown in-app before you make a subscription.
How do I make a subscription?
Prior to making a subscription, review the terms of the deal on the IPO's page in the Revolut app, and make sure that you have read, understood, and relied exclusively on the offer documents when deciding whether to bid for shares.
To make a subscription, you will need to add money to your investment account. In some cases, you may need to exchange your currency to the currency of the stock market where the IPO will be listed, such as US dollars (USD).
When subscription is open, you will be able to enter the cash amount you want to bid. Your subscription will be submitted instantly and the cash will be reserved in your investment account until the deal is completed.