This article explains how to subscribe to an Initial Public Offering (IPO) through the Thndr app. It covers what you need before placing an order, how the subscription process works, what happens after you submit your order, and how allocation and refunds are handled.
If you'd like to learn more about IPO fundamentals, including what it means to be oversubscribed, free float, or have a stabilization fund, see Understanding IPOs on Thndr.
Before subscribing to an IPO on Thndr
Before placing an IPO order, investors should review the IPO offering details carefully.
Important IPO details may include:
Company name
Offer price
Subscription period
Minimum subscription amount
Maximum subscription amount
Public offering rules
Private offering rules, if applicable
Expected allocation process
Refund timeline
Stabilization Fund availability, if applicable
Expected listing date, if announced
Investors should also make sure the Thndr wallet has enough available balance before the IPO subscription window opens.
How to place an IPO order on Thndr
To subscribe to an IPO on Thndr, investors need to place a buy order during the official IPO subscription period.
Open the Thndr app.
Top up the Thndr wallet before the IPO subscription window opens.
Search for the company name.
Place a buy order within the subscription period.
IPO orders must be submitted before the subscription period ends.
IPO orders must be submitted before the subscription period ends.
IPO wallet balance and blocked amount
In some IPOs, only 25% of the IPO order value may be blocked from the Thndr wallet at the time of subscription, allowing investors to place IPO orders worth up to 4x their available wallet balance. If the IPO is not oversubscribed and the final allocation is higher than the blocked amount, the investor may need to deposit the remaining required amount.
Example:
An investor has EGP 10,000 in their Thndr wallet.
During the IPO subscription period, if only 25% of the order value to be blocked, they can place an IPO order worth EGP 40,000. At this time, only EGP 10,000 is blocked from the wallet.
If the IPO is heavily oversubscribed:
The investor may receive an allocation worth EGP 8,000.
The blocked amount is more than enough to cover the allocation.
If the IPO is not fully oversubscribed:
The investor may receive an allocation worth EGP 30,000.
The blocked EGP 10,000 would not be enough to cover the allocation.
The investor would need to deposit an additional EGP 20,000 to pay for the allocated shares.
Multiple IPO Orders
Investors can place multiple orders in the same IPO when multiple orders are supported for that offering.
Multiple orders do not guarantee full allocation. Final allocation still depends on investor demand, available shares, and the allocation rules announced for the IPO.
IPO Order Execution Timeline
IPO orders are usually processed after the subscription period ends. IPO order execution usually takes up to 5 business days after the end of the subscription period.
After the final allocation is confirmed, any unallocated amount is refunded to the Thndr wallet.
Execution timeline
The IPO subscription period opens and investors can place buy orders.
Investors submit their IPO subscription requests during the subscription window.
After the subscription period closes, the offering is reviewed and shares are allocated according to the announced allocation rules.
Investors are notified of the final allocation results.
Allocated shares are credited to investor accounts once the IPO is completed.
IPO Order Cancellation
After an IPO order is submitted, the order remains pending until the IPO subscription period ends and the allocation process is completed.
An IPO order can be cancelled from the pending orders section during the IPO offering period.
After the IPO offering period ends, the IPO order can no longer be cancelled.
IPO allocation and refunds
If the final allocation is lower than the requested IPO order amount, the unallocated amount is refunded to the investor’s Thndr wallet.
If the IPO is oversubscribed, investors may receive fewer shares than requested. Oversubscription happens when total investor demand exceeds the number of shares available in the offering.
Refunds are usually returned to the Thndr wallet within 5 business days after the offering period ends and the IPO order is executed.
IPO listing and trading
Trading begins after the stock exchange announces the official listing date.
Thndr will notify investors when more information about the listing date and trading start date becomes available.
Investors can sell IPO shares on the first trading day when first-day selling is supported by the exchange and the offering terms.
A Trader subscription is not required to sell shares on the first trading day through Thndr. T+0 and T+1 orders are available on Thndr without a Trader subscription.