Subscribing to IPOs
What documents should I read beforehand?
Every IPO deal will have its own offering documents, which typically include the prospectus and the prospectus summary. The prospectus is the single most important document to read before participating in an IPO, as it includes detailed information about the company and the IPO itself.
Remember that past performance of other IPOs isn't indicative of how any given IPO might perform. Companies just going public typically have less available reporting history than listed companies, and any forward-looking predictions set out in the prospectus aren't guaranteed.
How does subscription work and when does it happen?
The subscription window will be different for each IPO deal. You’ll be able to find the date and time you can start subscribing in the Revolut app.
When subscribing to an IPO, you bid in cash by submitting how much money you want to invest (example, $1,000). The actual number of shares you receive will be calculated later, based on the final offer price set by the company and its bankers.
To participate, you need to have enough cash to cover the cost of at least one share at the maximum of the indicative price range shown in-app. While there is usually no upper limit to how much you can bid, there is no guarantee you will receive all the shares you request on the listing day.
Can I submit more than one subscription?
Only one subscription per customer is accepted per offering. This means that you cannot make multiple subscriptions through different intermediaries.
If you try to submit more than one subscription, either through Revolut or through another intermediary for the same offering, the underwriters (typically investment banks that manage a company’s transition to a public stock exchange) may disregard all of your subscriptions.
Can I change my subscription after submitting it?
You cannot make changes to your subscription once it's submitted, but you can cancel it before the subscription window closes. This will typically be the day before IPO is listed, but the exact date and time of each offer period will be stated in-app.
Once your subscription is cancelled, your reserved cash will be released back to your investment account. If you’ve cancelled your subscription but you’re still within the subscription window, you can submit a new subscription.