An initial public offering (IPO) is the process of a company first selling its shares to the public.

These shares are listed on a primary market by the lead underwriter.

The lead underwriter sets the offering price usually on the evening of the day the Securities and Exchange Commission (SEC) states the registration statement effective.

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Currently, TradeZero America clients cannot participate in new issues.


Only limit orders are accepted on the first day an IPO trades.

After the first day of trading market orders are accepted during regular trading hours (9:30 AM – 4 PM ET).


To hold shares of an IPO overnight, regulations governing IPOs state that new issues are non-marginable for a minimum of 30 days following pricing. 

This means that IPO shares must be paid for using cash or cash available to borrow*.


For day trading purposes, margin requirements are determined by the clearing house the day of the IPO.

*TradeZero America risk department may reduce IPO positions after regular market hours (4 PM – 8 PM ET) that violate IPO margin rules.