You can now subscribe online for the pre-IPO placement tranche as well as the public tranche of IPOs of SGX and HKEX stocks and ETFs, where available, on our FSM platform.

	SGX	HKEX
Pre-IPO Placement Tranche	Selected issues	Selected issues
Public Tranche	Selected issues	All issues

• Login to your account and Transact > Stocks & ETFs > click on IPOs / Placements.
• The IPOs that are open for subscription will be shown in the Upcoming IPO tab.
• Select the IPO that you are interested in, click Subscribe Now button.
• Key in the quantity or investment amount.
• Click the relevant checkboxes on disclaimers and acknowledgement of terms and conditions.
• Key in your password for verification.

For all HKEX IPO applications, applicants must disclose and submit identification documents strictly following the HKEX's prescribed Hong Kong Investor Identification Regime (HKIDR) priority sequence:

• Hong Kong Identity Card (HKID) (mandatory for including both Hong Kong Residents and Hong Kong Permanent Residents) ; or
• National identification document (government-issued ID card or equivalent official identity document; driver's licenses are explicitly excluded) 

You can subscribe for IPOs using your Personal and Beneficiary Investment Account. Corporate accounts are not eligible for HKEX IPO application.

1. SGX Public IPOs
All clients are eligible to subscribe for the public tranche of SGX IPOs stocks and ETFs, unless there are nationality or other restrictions imposed by the issuer for the particular IPO.

2. SGX Pre-IPO Placement and HKEX IPOs (public and pre-placement tranches)
Accredited Investors (AI) are able to subscribe for SGX pre-placement and HKEX IPOs without any minimum investment amount.
For non-Accredited Investors, the minimum investment amount for these IPO subscription is S$200,000 or equivalent.

Submit your FSM+ Declaration HERE alongside with the required supporting documents.

Do note that an Accredited Investor is defined as an individual who has either:
a) An annual income of more than S$300,000 or
b) Net assets exceeding S$2 million or
c) Net financial assets exceeding S$1 million

For more details on the definition of an accredited investor, please see HERE.

We can accept available balance from any Cash Solutions for IPO subscriptions. You may refer to the payment instructions by logging into your account and go to Support > Deposit (Top-up Instructions) to top up your Cash Solutions.

Auto-Sweep Account may be allowed for selected IPO subscription and is subjected to a different cut-off timing from Cash Account.

You can view the IPO subscription details under Stocks > IPOs / Placements.

FSM will execute the FX conversion on your behalf if FX is required for the IPO. All unsuccessful subscription monies and the relevant IPO subscription fees will be refunded back into Cash Account of the IPO denominated currency instead of Auto-Sweep Account.

Cancellations and amendments are not allowed after your order placement.

You can check your IPO application status and allocation results by logging into your FSM Global account. Please go to Transact > Stocks or ETFs > IPOs / Placements. On the next page, please refer to "Subscription Details" or "Allotment Results" tab. 

For any additional information related to the IPO subscription (eg. fees breakdown, allotment date, expected listing date), please refer to the email notification we sent to you at the time of subcription.

Each applicant can only submit one application per tranche for each IPO through iFAST Financial Pte Ltd or its affiliated platforms, unless otherwise specified. Where applicable, some issues may allow one application per applicant for different tranches of the same IPO. Please refer to the terms and conditions for each IPO.

The balance of the unsuccessful IPO allocation, including related fees and charges, will be refunded to the respective Cash Solutions (eg. Cash Account or Auto Sweep) within 3 business days after allotment results.

Please refer to our pricing structure page for the IPO fee details.