Generally speaking, the subscription channel is open 3-5 days before the IPO, and the brokerage software will display the price range of the IPO, and the subscription will be closed 1-2 days before the IPO. The subscription time is as short as 1 days and as long as 3-4 days. In case of hot subscription or other reasons, brokers may close the subscription channel in advance.

at the time of subscription, some brokers will have requirements such as holding positions. If TD Ameritrade requires to open a new account, it is necessary to hold a position or deposit $251,111, or complete 31 transactions in the past three months. For Internet brokers such as Tiger Securities, under the premise that investors meet certain appropriateness, there are usually a few thousand dollars in the account to support innovation.

generally speaking, there is no need to pay in advance for us stocks. However, usually, when there is about 1.21% of the subscription amount (that is, 1.21% of the upper limit of the issuance interval) in the account of the subscriber, the subscription intention can be initiated, so that there will be enough funds for the delivery of new shares after the lottery.

The next subscription allocation is undoubtedly the most concerned issue for retail investors, which is also the most important difference between the US stocks. The subscription results (winning results) of retail new shares of A shares and Hong Kong shares will definitely be announced before the official listing of new shares, while the allocated shares of US stocks will be determined on the day when the new shares are officially listed, and the specific allocation list and winning rate will not be announced. Extended information

New shares usually don't open at 9: 31, and the market stability chamber will find the balance point of buying and selling through centralized bidding before the market to ensure the optimal price opening. Most new shares can be formally distributed before the official transaction, and some new shares cannot be fully distributed before the official transaction.

in addition, before the IPO is officially listed, the issuer can make the final adjustment of the issuance scale according to the market conditions, which is generally 21% of the up-and-down scale, without re-filing in advance (+-21% scale adjustment does not need to re-declare the prospectus with the SEC). When this happens, the underwriting syndicate will also adjust the quota for retail investors simultaneously. Generally speaking, most of the shares of new shares will be given to institutional investors, leaving very few shares for retail investors.

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