IPO Help Centre

A practical guide to investing in IPOs.

View FAQs >

What is an IPO?

An IPO, or Initial Public Offering, is the first time that shares in a private company are made available to the public on the sharemarket.

Before an IPO, a company is usually owned by its founders, employees and a small group of investors. After an IPO, everyday investors can apply to buy shares in the company. IPOs can be domestic or international.

A domestic IPO is when a company offers shares and lists on the ASX, meaning the shares are typically priced, traded and settled in Australian dollars. 

An international IPO gives investors access to a company listing on an overseas exchange, such as NASDAQ or NYSE, or sometimes a foreign company listing on ASX under ASX’s foreign entity framework. The key difference is market access and currency.

Domestic IPOs provide ASX and AUD exposure, while international IPOs provide access to global exchanges, where the IPO price, share trading and any dividends may be in a foreign currency. 

Accessing IPO opportunities

Investors may be able to apply for IPO offers through CommSec and can submit their application online via the CommSec website.

The IPO Centre provides details of available offers, including key dates, offer documents, eligibility requirements, and application instructions.

Please note that IPO availability may vary, and not all customers will be eligible to participate in every offer.
Explore IPOs >

Participating in an international IPO

To apply for an international IPO made available by CommSec, you'll need to submit your application online through the secure CommSec website via the CommSec IPO Centre.

Not all international IPOs will be available to all customers, and access may be subject to additional restrictions imposed by the issuer, regulators, or market operators. 

 

Things to check before applying 

  • You are a CommSec customer with a CommSec Share Trading Account and linked CDIA as your settlement account. If you don’t have one, you can open a CommSec Share Trading Account. 
  • Have, or open, a CommSec International Shares Account. It may take up to 5 business days to open from the time we receive your ID documents. 
  • Are an Australian resident and not a U.S. Person. CommSec International Shares Accounts are currently only available to Australian residents and limitations may apply if you have citizenship or tax residency in a country not accepted by our international custodian. 
  • Your citizenship, residency and tax residency details are up to date. 
  • You have completed any outstanding tasks required to activate your account. 
  • You have transferred enough funds into your International Wallet before submitting your application. 
Not yet a CommSec customer? Sign up

 

How to apply 

  1. Log in to the CommSec website.
  2. Go to Trade > IPOs > IPO Offers.
  3. Choose the IPO you want to view.
  4. Download and read the relevant Prospectus and Target Market Determination, if applicable.
  5. Review the offer details.
  6. Complete and submit the online application form. 

You'll receive an email confirming your application has been received. 

The Prospectus is an important document and should be read in full before deciding whether to participate in the offer. 

Your questions, answered

Learn about applying for and accessing international IPOs

 

General IPO FAQs

 

To apply for an international IPO made available by CommSec, you’ll need to submit your application online through the secure CommSec website via the CommSec IPO Centre.

Not all international IPOs will be available to all customers, and access may be subject to additional restrictions imposed by the issuer, regulators, or market operators.

There are certain requirements that need to be met before you participate in an international IPO, including having an open and active CommSec International Shares Account. 

Things to check before applying

How to apply
  • You are a CommSec customer with a CommSec Share Trading Account and linked CDIA as your settlement account. If you don’t have one, you can open a CommSec Share Trading Account.
  • You have, or open, a CommSec International Shares Account. It may take up to 5 business days to open from the time we receive your ID documents.
  • You are an Australian resident and not a U.S. Person. CommSec International Shares Accounts are currently only available to Australian residents and limitations may apply if you have citizenship or tax residency in a country not accepted by our international custodian.
  • Your citizenship, residency and tax residency details are up to date.
  • You have completed any outstanding tasks required to activate your account.
  • You have transferred enough funds into your International Wallet before submitting your application.
  1. If you're not already a CommSec customer, open an account.
  2. Log into the CommSec website.
  3. Go to Trade > IPOs > IPO Offers
  4. Choose the IPO you want to view.
  5. Download and read the relevant Prospectus and Target Market Determination, if applicable.
  6. Review the offer details.
  7. Complete and submit the online application form.
  8. You’ll receive an email confirming your application has been received.

The Prospectus is an important document and should be read in full before deciding whether to participate in the offer.

Here's what you need to get started.

Already a CommSec customer?

Not a CommSec customer?

Opening an International Shares Account is simple. Log into CommSec below and follow the prompts.

What you’ll need to sign up:

  • Your CommSec credentials, such as your client ID and password
  • Your CDIA and Australian Share Trading Account details
  • Your Tax File Number (optional)
Get started >

Joining CommSec is free. To get started, you'll need to open a CDIA and CommSec Share Trading Account below.

What you’ll need to sign up:

  • Your personal and contact details
  • Your tax residency details*
  • A valid photo ID
  • Your Tax File Number (optional)
Join now >

For more information, visit: International Shares - CommSec

To ensure your account is ready and activated, make sure all applicants have completed the required steps, and any additional assigned tasks. To see any additional tasks required, log into the CommSec website, navigate to Settings > Service Centre > Status Centre. Then, open your International Shares Account from Portfolio and launch the International Platform.

Before you submit an application, make sure you have funds in your International Wallet. To transfer funds, log into CommSec and go to Portfolio > International Shares Account > Transfer funds.

Your International Shares Account will be set up with an International Wallet. To fund your account, you’ll need to transfer money from your linked CDIA into your International Wallet.

You can do this via the CommSec website or CommSec app.

To transfer funds, log in to CommSec and go to: Portfolio > International Shares Account > Transfer funds.

Learn more about  how to fund your International Shares Account.

Eligibility can differ for each IPO. You should check the Prospectus, the Target Market Determination (if applicable), and the offer information shown in the CommSec IPO Centre.

You should also check that the CommSec account you choose to apply with is eligible and that your account details are up to date before submitting your bid.

You can apply for an eligible IPO through the CommSec IPO Centre when an offer is available to you. 

  1. Log into the CommSec website. 
  2. Go to Trade > IPOs > IPO Offers. 
  3. Choose the retail IPO offer you want to review. 
  4. Download and read the prospectus and the Target Market Determination (if applicable). 
  5. Choose the correct applying account. This is important because your account selection and bid amount will be final once submitted. 
  6. Enter your application amount. 
  7. Review all declarations and acknowledgements carefully. 
  8. Submit your application online. 

Remember to keep enough clear and available funds in the linked account or International Wallet (for any international opportunity) for the debit or payment process. 

CommSec is only accepting applications in application dollars, noting that pricing is indicative. Where you apply in AUD, CommSec will convert the AUD to USD on your behalf, and the FX conversion fee will be deducted from that amount.

Bids Open FAQs

 

You will receive an email confirmation once your application has been submitted. Please note that your application is not fully processed until the funds have been debited from your International Wallet which will occur within 24 hours of your application being received.

No. You need to submit your IPO application through the CommSec IPO Centre. 

There is no minimum application value. However, shares will only be allocated in full shares with no fractional allocation.

Once your IPO application is submitted, you will not be able to amend or cancel it.

After you submit your application, CommSec will confirm that your application has been received via email. Confirmation of receipt does not mean your application is guaranteed, funded, accepted by the issuer or allocated.   

Your application remains subject to the offer terms, successful payment, eligibility checks, issuer or allocation approval, and any scale-back. If you receive an allocation, the shares will appear in your CommSec account after allocation and settlement are completed.

Yes, you can submit multiple applications provided you have cleared funds available in your International Wallet.

Your application money will be debited from your CommSec International Wallet attached to the CommSec International Shares Account you intend to use to apply.

You should have enough clear and available funds in your nominated application currency before you submit your application. If you apply in AUD, you do not need to convert your funds to USD before applying. We will convert the required funds to USD and deduct the 0.55% foreign exchange fee from your AUD application amount.

If the debit is unsuccessful, you will need to submit a new application.

CommSec will debit your full application amount from your International Wallet within 24 hours of your application being received. Please ensure that sufficient available funds remain available in your International Wallet until they are debited. If there are insufficient funds when a debit is attempted, your application will be cancelled and you will need to submit a new application.

You will receive a confirmation email once your application has been submitted. There is no confirmation of debit from your International Wallet.

A Foreign Exchange fee of 0.55% is applied on all AUD to USD conversions for the purpose of facilitating your application for the IPO.

You would have received an email from CommSec confirming that your application was received. Confirmation of receipt does not mean your application is guaranteed, funded, accepted by the issuer or allocated.

You should rely on the offer timetable, in the Prospectus available via the CommSec IPO Centre or supplementary or replacement Prospectus.

*If you are a U.S. Person, or not residing in Australia, we will not be able to open an International Shares Account for you at this time. Limitations may also apply to applicants with citizenship or tax residency in countries not accepted by our International Custodian

You can view the Share Trading Terms and Conditions, International Shares Terms and Conditions, Best Execution Statement and Financial Services Guide (FSG), and should consider them before making any decision about these products and services.

Investing in overseas markets exposes you to risks including those related to movements in foreign currency exchange rates and market prices. Investing carries risk. 

The Commonwealth Direct Investment Account is issued by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. This product is administered by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia. You can view the CommBank Transaction Savings and Investment Account Terms and Conditions and Financial Services Guide, and should consider them before making any decision about these products and services.

The target market for this product can be found within the product’s Target Market Determination, available here.

Follow us on:

Download the CommSec App

 

© Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. CommSec is a Market Participant of ASX Limited and TMX Australia Exchange Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited.

The information on this page has been prepared without taking into account your objectives, financial situation or needs. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to their objectives, financial situation or needs, and, if necessary, seek appropriate professional advice.

CommSec does not give any representation or warranty as to the accuracy, reliability or completeness of any content on this page, including any third party sourced data, nor does it accept liability for any errors or omissions.

Top