Initial Public Offerings (IPOs)

We are pleased to offer eligible brokerage customers the possibility of participating in Initial Public Offerings and other public equity offerings through Fidelity Brokerage Services LLC. We have established relationships with Deutsche Bank, Kohlberg Kravis Roberts & Co. (KKR) and multiple other underwriters to offer access to both new issue equity and fixed income offerings.

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A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Eligibility

Eligibility for participation in traditional IPOs led by Kohlberg Kravis Roberts & Co. (KKR) is reserved for brokerage customers with a minimum of $100,000 in certain assets at Fidelity. Other providers of traditional IPOs, and other equity public offerings made through Fidelity may be reserved for brokerage customers with a minimum of $100,000 or $500,000 in certain assets at Fidelity. Auction OpenIPOs and Secondary offerings made available through Fidelity are reserved for brokerage customers with a minimum of $100,000 in certain assets held at Fidelity. Members of Premium Services or customers who have placed 36 or more stock, fixed income, or option trades in a rolling 12-month period are eligible for either traditional or auction based offerings.

The $500,000 or $100,000 requirement and 36 trade thresholds will be determined weekly by aggregating all assets and trades in retail accounts which list the same name and Social Security number and are maintained by Fidelity Service Company, Inc. or Fidelity Brokerage Services LLC (excluding assets or trades maintained on behalf of any divisions of Fidelity Investments Institutional Services Company, such as 401(k) or 403(b) plan assets). Other assets may be included in the calculation at our discretion. In addition, an account in which an indication of interest is entered must have at least $2,000 in cash or fully paid securities.

The new issue marketplace

Learn more about investing in the primary markets through the traditional process.

Traditional Process

OpenIPO Process

IPO glossary

Learn more about the terms and definitions used during the process of bringing a new issue public.

Completed offerings

Review previous IPO and secondary equity offerings made available to eligible brokerage customers through Fidelity Brokerage Services LLC.

Understanding the risks

There are risks associated with investing in a public offering, and as such, they may not be appropriate for every investor. As with all of your investments through Fidelity, you must make your own determination of whether an investment in this offering is consistent with your investment objectives and risk tolerance.

Fidelity is not recommending or endorsing this offering by making available to its customers the opportunity to participate.

Getting started

To get started you must meet Fidelity's IPO eligibility requirements and have a Fidelity account. If you do not have an account, open an account to get started.

Fidelity's practice regarding customers' investment decisions has never changed: We do not, and will not, offer investment advice or evaluate the merits of any individual IPO or any security trading on the secondary market. Our philosophy is to allow customers to make their own investment decisions based on their individual investment objectives, risk tolerance, financial situation, and their evaluation of the merits of the security.

For more information on new issue equity securities available through Fidelity Brokerage Services LLC, please call a New Issue Equity Specialist at 800-544-5631.