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When a company lists on the stock market through an Initial Public Offering, or IPO, its shares may not be available for trading immediately when the US market opens. This is normal and part of the IPO opening process.
Why IPO trading works differently
IPOs follow a slightly different process compared to stocks that are already listed and actively trading. Before trading begins, the listing exchange runs a price discovery process to determine the opening price of the stock. Orders can only be accepted once the stock is officially active and live market data is available.
When will the IPO stock be available to trade?
Most US stocks begin regular trading at 9:30 AM ET. However, newly listed IPO stocks usually do not start trading exactly at the regular market open.
IPO stocks often begin trading later in the morning or early afternoon, depending on how long the exchange’s opening process takes. Once the stock officially opens for trading and live market data is available, eligible orders can be placed on Vested.
Important to know
If an IPO stock is not available right at market open, it does not mean there is an issue with your account or the app. The stock may simply not have officially started trading yet.
Why can’t I place an order before the IPO starts trading?
Before an IPO stock officially starts trading, there may not be a reliable live market price available. Because of this, orders placed before the stock becomes active may be rejected.
To help protect users from placing orders without reliable market pricing, orders are accepted only after the stock is officially active for trading and live market data is available.
What types of orders can I place?
Whole-share orders at launch
Fractional trading may not be available immediately when an IPO begins trading. This is because fractional orders require an established market price to validate the order. Once live bid and ask prices are available and regular trading is established, fractional trading may become available.
Limit order restrictions
Sub-penny limit orders are not supported and will be canceled or rejected until the IPO opens for trading.
What should I keep in mind?
- The stock may not be available for trading right at the regular market open.
- Orders can be placed only after the stock is officially active for trading.
- IPO trading may begin later in the day depending on the exchange’s opening process.
- Fractional trading may not be available immediately at launch.
- Some order types may be rejected until live market pricing is available.
How will this appear on Vested?
Once trading begins and the stock becomes available, you will be able to place eligible orders through Vested.
This page is for informational purposes only and is intended to help users understand the IPO trading process. Availability of order types, fractional trading, and order acceptance may depend on market conditions, exchange processes, broker systems, and live market data availability.