This article explains how IPO participation works on Thndr for the US market, including how to place an IPO order, when an IPO order can be updated or cancelled, how allocation is reflected in the portfolio, and which disclosures should be reviewed before participating.
What is an IPO?
An Initial Public Offering (IPO) is when a private company offers shares to the public for the first time.
Thndr users can participate in upcoming IPOs in the US market before the stock starts trading on the exchange.
IPO participation does not guarantee share allocation. Final share allocation depends on IPO availability, demand, and the allocation process.
How to Place an IPO Order
Open the Thndr app and navigate to the IPO listing from the Discover or Markets section
Select the IPO
Enter your desired investment amount - make sure the investment amount falls within the minimum and maximum ticket size
Review the FINRA disclosure before confirming the IPO order
Submit the IPO order
A Thndr account can only have one active pending IPO order at a time.
The 60-Minute Withdrawal Window
After an IPO order is placed, the order can be updated or cancelled during the 60-minute withdrawal window.
Once the 60-minute withdrawal window ends, the IPO order becomes binding. A binding IPO order cannot be updated, modified, or cancelled.
The 60-minute withdrawal window should be used to review the IPO order carefully before the IPO order becomes final.
Example timeline:
12:00 PM: An IPO order is submitted.
12:00 PM–12:59 PM: The 60-minute IPO withdrawal window is active. During this period, the IPO order can be updated or cancelled.
1:00 PM: The IPO withdrawal window closes.
After 1:00 PM: The IPO order becomes binding and can no longer be updated, modified, or cancelled.
After the IPO: Share Allocation & Portfolio Position
After IPO allocation is complete, the allocated shares will appear in the investment portfolio on the Thndr app.
IPO allocation is not guaranteed. An IPO order may be fully allocated, partially allocated, or not allocated.
If an IPO order is partially filled, the filled portion will appear in the portfolio and the investment position.
Final IPO Prospectus
The final IPO prospectus will be updated and made available on the stock landing page in the Thndr app within 30 days after the stock starts trading.
Example timeline:
June 1: IPO shares begin trading on the exchange.
By July 1: The final IPO prospectus is published and made available on the stock landing page.
Important Disclosures
Before participating in any IPO, please review the following:
📄 Alpaca's Disclosures Page: General disclosures covering your brokerage relationship with Alpaca
📄 IPO Investment Risk Disclaimer: Specific risks associated with IPO investing
Frequently Asked Questions
Can I cancel my IPO order after the 60-minute window?
Once the 60-minute withdrawal window closes, the IPO order becomes final. At that point, the IPO order can no longer be modified or cancelled.
Are there any commissions on IPO orders?
IPO orders on Thndr are commission-free.