Investing in IPOs: Best Brokers That Offer IPO Access
To invest in a company's IPO, you'll need a brokerage account. The below brokers offer some form of IPO access to retail investors.
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The initial public offering market cooled substantially in recent years, with market volatility, uncertainty around rate cuts and flowing private capital keeping a cap on IPOs. However, according to IPO analytics firm Renaissance Capital, the fundamentals look to be in place for a more active year for IPOs in 2025.
How do you invest in an IPO?
IPOs have historically been accessible only to select investors — generally, institutions, company insiders or investors who meet certain trade or investment requirements. But in recent years, brokerage firms have started bringing IPOs to their platforms, offering regular retail investors unprecedented access.
Prior to the offering, the company will set a price range and an IPO date. The brokers below offer some level of access to IPO shares before they're widely available to the general public — if you don’t already have a brokerage account, you will need to open one. Keep in mind that some brokers may have additional requirements, including a mandatory investor assessment, trade minimums or account minimums.
As far as the process: Generally speaking, you'll make a request for the number of shares you'd like to purchase. Most brokers warn that you may not be allocated the number of shares you request; in fact, in some high-demand scenarios, you may not be allocated any shares at all. It's wise to be realistic about the number of shares you'd like to purchase, and do your research beforehand to ensure the stock is a good long-term fit for your portfolio.
What if you miss out on investing in an IPO?
You can still purchase shares of the stock on the open market following the IPO. In fact, this is a common scenario — for most investors, investing in an IPO means buying the stock once it begins trading, not before. That means the price you pay will reflect the demand for the stock on the day you purchase it, and that price could differ — sometimes dramatically — from the offering price.
Once the stock is public, the mechanics of purchasing shares are pretty straightforward. Here’s a brief guide on how to buy stocks, including information on how to navigate your broker’s website and place an order. All of the brokers on this list are good choices for stock trading, in addition to the IPO access they provide.
Investing in IPOs: Best Brokers That Offer IPO Access
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
4.5/5 | $0 per trade | $0 | 1 Free Stock after linking your bank account (stock value range $5.00-$200) | Learn moreLearn more on Robinhood's website | |
4.1/5 | $0 per trade | $500 | Qualify for up to $5,000 when you open and fund a new TradeStation account. Offer Code: NERDAFJO. | Learn moreLearn more on TradeStation's website | |
5.0/5 | $0 per trade | $0 | Get up to 40 free fractional shares ( each valued up to $3,000) when you open and fund an account with Webull. | Learn moreLearn more on Webull's website | |
4.8/5 | $0 per online equity trade | $0 | None no promotion available at this time | Learn moreLearn more on Charles Schwab's website | |
4.6/5 | $0 | $0 | Earn up to $10,000 when you transfer your investment portfolio to Public. | Learn moreLearn more on Public's website |
Fees
$0
per trade
Account minimum
$0
Promotion
1 Free Stock
after linking your bank account (stock value range $5.00-$200)
Fees
$0
per trade
Account minimum
$500
Promotion
Qualify for up to $5,000
when you open and fund a new TradeStation account. Offer Code: NERDAFJO.
Fees
$0
per trade
Account minimum
$0
Promotion
Get up to 40 free fractional shares ( each valued up to $3,000)
when you open and fund an account with Webull.
Fees
$0
per online equity trade
Account minimum
$0
Promotion
None
no promotion available at this time
Fees
$0
Account minimum
$0
Promotion
Earn up to $10,000
when you transfer your investment portfolio to Public.
Fees
$0
per trade. Other fees apply.
Account minimum
$0
Promotion
Get up to $1,000
when you open and fund an E*TRADE account
Fees
$0
per trade
Account minimum
$0
Promotion
Get up to $1,000
in stock when you fund a new account.
Fees
$0
per trade for online U.S. stocks and ETFs
Account minimum
$0
Promotion
None
no promotion available at this time
Fees
$0
Account minimum
$0
Promotion
None
no promotion available at this time
Last updated on January 9, 2025
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