IPO Help Centre

A practical guide to investing in IPOs.

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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 or another Australian stock exchange, 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.

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.

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.
  • You have, or open, a CommSec International Shares Account. It may take up to 4 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.

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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.

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Your questions, answered

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 in to 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.

A scale-back occurs when an applicant receives fewer shares than they applied for. If your application is scaled back, the difference between your funded application amount and your final allocation value will be refunded according to the offer process.

A scale-back can happen when there are more applications than shares available and so, the offer is oversubscribed. This means that the demand from investors is greater than the number of shares available. It can also happen because the issuer, broker, lead manager, or allocation process decides how shares should be distributed across different investor groups.

You should rely on the offer timetable and any Prospectus or supplementary or replacement Prospectus.

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 International Wallet for the debit or payment process. 

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

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 that account before you submit your application. If the debit rejects, you will need to submit a new application.

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.

All information contained herein is provided on a factual or general advice basis and is not intended to be construed as an offer, solicitation or investment recommendation in anyway.

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

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.

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.

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© 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 Cboe Australia 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.

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