Introduction to Stock IPOs ｜ Gate

1. What Is a Stock IPO?

An IPO (Initial Public Offering) is when a company offers its shares to the public for the first time and applies for listing. Users can submit subscriptions during the IPO period to participate in the new share offering.

Please note that submitting a subscription does not guarantee that you will receive shares. After the offering ends, the system will deduct the corresponding funds based on the actual allocation results. Any unallocated or unused funds will be returned according to the applicable rules.

Common Terms

• Estimated Offering Price/Price Range: The price or price range announced during the IPO stage.
• Subscription Amount: The amount of funds a user applies to use when submitting a subscription.
• Allocated Quantity: The final number of shares allocated.
• Offering Price: The per-share offering price determined after IPO pricing is finalized. This is also the price used to calculate the final deduction for allocations.
• Listing Date: The expected date when the shares begin trading on the exchange. The actual time is subject to the information displayed on the page and official announcements.

How Funds Are Handled

After you submit a subscription, the system freezes funds based on the subscription amount. The final allocation amount may be lower than the subscription amount, and any unused portion will be returned automatically.

Returned Amount = Subscription Amount − Allocated Shares × Offering Price

If an order is canceled, the full amount is generally returned according to the applicable rules. If redeeming an IPO project incurs a redemption fee, the actual returned amount will also be reduced by the redemption fee.

2. How to Participate in an IPO

Access the IPO Project List Page

Open the TradFi trading page, click Stocks in the top navigation bar, and select IPO - Direct IPO.

The page includes:

• Open for Subscription: View projects currently open for subscription.
• Pending Listing: View projects for which subscriptions have ended and are awaiting listing.
• Listed: View projects that have already been listed.
• My Subscriptions: View your subscription orders and history.

Submit a Subscription

1. Select a project under Open for Subscription, go to the details page, and click Subscribe.
2. Enter the subscription amount. The amount must meet the minimum and maximum requirements displayed on the page.
3. Select the payment account and subscription currency. Refer to the page for details.
4. Click Confirm Subscription.

After submitting successfully, you can view the order under My Subscriptions.

Manage Subscription Orders

Under My Subscriptions, you can perform the following actions based on the order status.

Modify the Amount

Click Modify, enter the new subscription amount, and click Confirm Subscription.

After the modification is successful, the following message will appear: Subscription amount modified.

Redeeming certain IPO projects may incur a redemption fee. Refer to the confirmation pop-up for the specific amount.

Cancel an Order

Click Cancel Order to cancel your subscription.

Redeeming certain IPO projects may incur a redemption fee. After the cancellation is successful, the following message will appear: Order canceled successfully.

Confirm or Cancel a Subscription

When the offering price of certain IPO projects differs from the estimated offering price by more than 20%, users must confirm their subscription again:

• Click Confirm Price: Confirm participation in the subscription and wait for allocation.
• Click Cancel: Cancel the subscription and wait for the funds to be returned automatically upon expiration.

You can view fund changes in your account transaction history.

3. Important Notes

• Subscribing to an IPO does not guarantee that you will receive shares. Final results are subject to the actual allocation.
• Some IPOs enter a 60-minute confirmation window. During this window, you can only modify or cancel existing orders; new subscriptions are not supported.
• When a project is suspended from subscription, new subscriptions and order modifications are generally unavailable, but order cancellations are still supported.
• The offering price, allocated quantity, listing time, and project status are subject to the information displayed on the page and official disclosures.

Disclaimer

The content provided herein is for reference and educational purposes only and does not constitute any financial, investment, trading, or legal advice, nor does it constitute an offer or solicitation to buy or sell any digital assets. Gate makes no express or implied representations or warranties regarding the accuracy, completeness, or timeliness of the information contained herein. Product features, interfaces, rules, and fee structures may be updated or adjusted at any time. Please refer to the latest announcements and the actual information displayed on the Gate platform for the most accurate details.
Digital asset investments involve significant risk, and prices may fluctuate substantially. You may lose the entire amount of your investment. Please make decisions cautiously based on your own financial situation and risk tolerance after fully understanding the associated risks. If necessary, you are advised to consult an independent professional financial or legal advisor.
For more information about potential risks, please refer to Gate's Risk Disclosure and User Agreement.