Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: Ben on December 10, 2014, 07:31:24 PM

Title: IPO Eve. IPO Changed to $15 a share!
Post by: Ben on December 10, 2014, 07:31:24 PM
So Lending Club has decided to change their IPO price from 12 to14 dollars, to a final price of15 dollars a share. I believe this is 30 percent higher than the original 10 dollar amount per share. I'm sure they are trying to get the original investors paid back handsomely by this increase. I don't care. I believe this company has a future. I'm in it for the long haul. What do you folks think about this stock increase? I am interested to know your thoughts. I'm in it for 325 shares. :D
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: rawraw on December 10, 2014, 08:00:36 PM
The share price isn't important.  It's the valuation -- didn't they also sell more shares as well?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: brycemason on December 10, 2014, 08:03:20 PM
$5.4B
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: mikedave on December 10, 2014, 08:31:41 PM
Based on 2013 financials I calculate the new P/E ratio to be about 740.   This is pricing in an incredible amount of growth.  They would have to grow revenue by ~30X to hit a reasonable PE ratio so 7mil x 30= 210mil  can they do this in a reasonable time frame?  If they were to double revenue every year (something they have badly failed at this year so far) if would take 5-6years growth to make the current valuation reasonable.

Still deciding weather I should take the shares, if I do it will be looking for a quick pop, definitely getting out way before the insiders shares unlock.  This is pure gambling.



Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DanB on December 10, 2014, 08:33:41 PM
The share price isn't important.  It's the valuation -- didn't they also sell more shares as well?

Yeah, it's just an additional 300k shares though................which is an increase of one half of one percent.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: PennySaved on December 10, 2014, 09:44:00 PM
I just confirmed for 250 shares.  I had already transferred $4K to the Fidelity account, that was the maximum I was willing to spend (gamble)or (lose).  I have never bought any stock of one company directly before, only bought shares of diversified funds.  Part of me thinks I might be crazy for participating in this and part of me says go for it and take a risk.  Just like when I starting investing a bit at a time in LC loans back in March 2009 and that has worked out well for me, so far.  Does any one know what the broker fee will be?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yojoakak on December 10, 2014, 09:44:33 PM
$5.4B

That seems like a lot. What can we compare it to? Who are LendingClub's competitors?

I only put $5000 in my account. Now I have to transfer more money.

An interesting chart: https://3.bp.blogspot.com/-crqXAPbmrsc/VIjqeRcl5II/AAAAAAAACP0/A63Poqd4ylM/s1600/EZ_LendingClub-Path-to-IPO.png

EDIT: Oh you can change how many shares you want when you get to the confirmation page. I didn't know that!
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 10, 2014, 09:47:46 PM
Does any one know what the broker fee will be?

$7.95 commission when you sell.  Assuming you sell them all at once.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Fred on December 10, 2014, 10:23:15 PM
An interesting chart: https://3.bp.blogspot.com/-crqXAPbmrsc/VIjqeRcl5II/AAAAAAAACP0/A63Poqd4ylM/s1600/EZ_LendingClub-Path-to-IPO.png

Looks like the top 5 shareholders hold more than 50% of total shares.

Laplanche has ~15 million shares, for $223 MM.

Congrats to all.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yojoakak on December 10, 2014, 11:39:42 PM
URGENT QUESTION!

The email says "To be eligible for an allocation of shares in this offering, you MUST confirm your indication of interest through the Directed Share web site using the link below or by calling 800-358-2670 by 5:00 AM ET tomorrow, December 11, 2014"

But the website says "Deadline: December 10, 2014 Midnight ET" and also "To remain eligible to receive an allocation of shares, you must confirm your indication of interest using the Directed Share Web Site or by calling 800-358-2670 between 6:00pm ET and midnight on the date of effectiveness and pricing, which is expected to occur on 12/10/2014."

Which is correct?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: JoeB on December 10, 2014, 11:40:40 PM
5am
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: mikedave on December 10, 2014, 11:47:38 PM
after some consideration I decided not invest to the ratio of what I could gain to what I could lose just seems way too high.  Might live to regret this,best of luck to those that decide to invest.  To those that decide to stay I would strongly consider getting out before the lockup period is over (180 days).  Often IPOs tank once the insiders are allowed to sell.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Fred on December 10, 2014, 11:48:54 PM
calling 800-358-2670 by 5:00 AM ET ...

I suspect this means the phone will be answered by somebody in Europe or Asia ;-)

But the website says "Deadline: December 10, 2014 Midnight ET"

Take this time instead.  It is the safer option, and you might be talking to somebody in US Pacific timezone. 

You have 10 minutes to go ...
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yojoakak on December 11, 2014, 12:05:20 AM
Just got this on the website;

"The indication of interest period for the new issue you have selected is closed. You may only reduce the quantity of your indication of interest at this time."
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: flojoflojo on December 11, 2014, 01:58:51 AM
What a complete scam, having the price go up from $10-12, then $12-14, and now $15. Typical Wall Street.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 04:50:47 AM
We should start finding out how many shares we have been allocated (if any) in about 15 minutes perhaps?  Oh the suspense.

To kill the time I'm going through Fidelity's site getting familiar with their order entry system.  Trailing stops are right there on the main order ticket which was a pleasant surprise.   If anyone's looking for conditional triggers and OCO orders those aren't on the main order entry screen.  You have to go to to the left navbar under 'Act' and select the 'Trade Conditional' link.  That one had me stumped for a few minutes because I wasn't expecting it to be in a whole different place.  Very barebones site but it'll do fine I think.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: rawraw on December 11, 2014, 05:45:28 AM
I don't plan on holding at this valuation.  I'm purely speculating, will sell if there is enough run up and buy back in later when some negative news or sentiment sends the stock down.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Inflationhawk on December 11, 2014, 05:49:42 AM
While the share allocation starts at 5am, we're not going to find out until after 9am what we our final allocation is.  If we get more than 50% of our allocations, I'll be shocked.  I suspect it will be much smaller than what we are all hoping.  I hope I'm wrong. With the re-pricing that has occurred over the past few days, I'm actually thinking this might open up over $20/share. 
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 06:08:24 AM
While the share allocation starts at 5am, we're not going to find out until after 9am what we our final allocation is.

Interesting.  Can I ask where you found this out?  And is that 9am ET?  Just 30 mins before the bell?  Hell why don't they just wait and see where it opens up before allocating anything.  Blame the delay on another "system error".
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DanB on December 11, 2014, 06:24:08 AM
While the share allocation starts at 5am, we're not going to find out until after 9am what we our final allocation is.

Interesting.  Can I ask where you found this out?  And is that 9am ET?  Just 30 mins before the bell?  Hell why don't they just wait and see where it opens up before allocating anything.  Blame the delay on another "system error".

It's actually written out on the DSP page in your Fidelity account.............right below the final step you need to complete, paying for the shares.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Inflationhawk on December 11, 2014, 06:31:35 AM
The IPO will not start trading at the opening bell...I suspect it won't open until 11am eastern or so.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 06:33:03 AM
It's actually written out on the DSP page in your Fidelity account.............right below the final step you need to complete, paying for the shares.

Oh heh now I see it.  Thank you Dan.  Some day I will learn how to read.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: stanny2 on December 11, 2014, 09:11:28 AM
Anyone gotten any confirmation yet?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: rajuabju on December 11, 2014, 09:16:27 AM
Nope not yet
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yaoyao on December 11, 2014, 09:17:24 AM
In the email, it states "Payment for shares must be made by check or wire."  Could I transfer money among accounts or do ACH from bank?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 09:28:03 AM
Anyone gotten any confirmation yet?

Nothing here.  No email, and no position information in Fidelity.  I think they are working the phones right now and will give us the shares only if the grapevine says the price will drop at open.  Why the heck not.  We're committed.  They are not.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DLIFVOIP on December 11, 2014, 09:29:23 AM
So if we do not know our allocation prior to open which is 2 minutes from now, how can we sell them if go up 50% or down 50%.  Does not seem right to not be able to trade them immediately.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Unfolder on December 11, 2014, 09:29:51 AM
The IPO will not start trading at the opening bell...I suspect it won't open until 11am eastern or so.

*facepalm*
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DLIFVOIP on December 11, 2014, 09:32:36 AM
The IPO will not start trading at the opening bell...I suspect it won't open until 11am eastern or so.

*facepalm*

This makes sense.
Title: IPO Eve. IPO Changed to $15 a share!
Post by: BruiserB on December 11, 2014, 09:36:31 AM

In the email, it states "Payment for shares must be made by check or wire."  Could I transfer money among accounts or do ACH from bank?

I initiated an ACH transfer to Fidelity this morning for what I figure my shares will cost me.  The website said it could take 4 business days for the funds to be available in my account. I'm hoping they will consider the funds to be there on time.


Sent from my iPhone using Tapatalk
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: stanny2 on December 11, 2014, 09:39:53 AM
Link now up for me but leads to error message
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: stanny2 on December 11, 2014, 09:40:30 AM
Portfolio page has it though, 250 shares
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DLIFVOIP on December 11, 2014, 09:41:25 AM
250 for me
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 09:42:17 AM
250sh here now as well.  Wow if I had a dollar for every person that said there was no way we'd get less than 350 because the shares were "reserved"...  "My rep tol' me so!"  :)
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yaoyao on December 11, 2014, 09:43:56 AM
250 as well.  The current value shows $1750.  What does that mean?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Unfolder on December 11, 2014, 09:47:00 AM
10000 shares!?!??!

Naw 250...
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DanB on December 11, 2014, 09:51:44 AM
250 as well.  The current value shows $1750.  What does that mean?

It means that you started this account with $5500.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: rawraw on December 11, 2014, 09:59:41 AM
I got 100 out of 100.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Ben on December 11, 2014, 10:00:26 AM
What's going on here? I had an order placed for 325 shares. It shows my allocation is only 225 shares? I had a little over 4000 in my account but I thought we could fund it later. Does anyone have any idea?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Kombinator on December 11, 2014, 10:06:19 AM
250 here as well.  Guess they just cut the requested allocation by 30% across the board.

Sucks that this was just a token participation, but still fun:)

 
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Booleans on December 11, 2014, 10:06:37 AM
What's going on here? I had an order placed for 325 shares. It shows my allocation is only 225 shares? I had a little over 4000 in my account but I thought we could fund it later. Does anyone have any idea?

They have investors wanting more shares than they have to allocate. So the number of shares you get is based off of how many shares you said you were interested in. I said I wanted 350 and ended up getting 250. You should you only wanted 325 so they gave you less than the amount that the people who wanted 350 shares received.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: yaoyao on December 11, 2014, 10:07:32 AM
250 as well.  The current value shows $1750.  What does that mean?

It means that you started this account with $5500.

Got it.  Thanks.  I just did the transfer.  I guess it shows up immediately.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Theta on December 11, 2014, 10:10:08 AM
price indications are 20-22.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Kombinator on December 11, 2014, 10:16:55 AM
Nice, where are you getting price indications?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: jrr6415sun on December 11, 2014, 10:21:59 AM
CNBC says $22-$24 now.

I'm a little dissapointed I wanted to buy more at open before it went up. 250 is not enough.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Kombinator on December 11, 2014, 10:27:15 AM
Same here, wanted to buy a lot more...guess now on open market only:)
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: mchu168 on December 11, 2014, 10:34:41 AM
250 shares too - I guess my efforts to talk down this IPO were in vain.  As an long-time investor in LC and the credit and equity markets overall, I do think people grossly underestimate the risk to a P2P model. 

Investors, and particularly retail investors, tend to move in herds, and when a particular asset class begins to underperform, most investors head for the hills en mass.  Just look at what's happening to the bank loan market today. Outflows by retail investors for something like 6 consecutive months.  This happened to munis a couple of years ago (after an idiotic warning from and idiotic "analyst"), and we saw some of this in the treasury market during taper tantrum last year. This can and will happen to P2P loans at some point - and the impact to LC will not be positive, as some have speculated elsewhere.   Right on the cusp of any weakness, you will see people like Dick Bove, etc come out with very startling headlines that will cause the sheep to get very nervous.

Good news for us and LC stock investors, is that macro likely remains a tailwind for P2P loans for another year or two, so I guess we can all load up on the stock and sell before things turn ugly (cause we always have good timing on such things  ;D ).
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Unfolder on December 11, 2014, 10:36:48 AM
You know what'd be cool, if the IPO, you know, happened. That would probably help the bullish scenario.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: rajuabju on December 11, 2014, 10:41:26 AM
I'm pretty disappointed.

they said up to 350, now we get only 250.

they said $10-12, ended up being $15

I KNOW this is how all IPO's go.... but I guess I was just hoping LC would be a bit different.

Oh well, something is better than nothing.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: jrr6415sun on December 11, 2014, 10:45:28 AM
I'm pretty disappointed.

they said up to 350, now we get only 250.

they said $10-12, ended up being $15

I KNOW this is how all IPO's go.... but I guess I was just hoping LC would be a bit different.

Oh well, something is better than nothing.

250 is better than nothing, $15 is better than $25
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Ronald on December 11, 2014, 10:50:27 AM
Flipped the IPO at 25.20.  I used Prosper a lot more than LC.  Turns out I made more from LC's IPO than LC's P2P... 

Good luck to all.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: nerf on December 11, 2014, 10:50:46 AM
I'm pretty disappointed.

they said up to 350, now we get only 250.

they said $10-12, ended up being $15

I KNOW this is how all IPO's go.... but I guess I was just hoping LC would be a bit different.

Oh well, something is better than nothing.

250 is better than nothing, $15 is better than $25


Exactly, I've never seen so many whiners and complainers at one place. Complaining about share price, allocation, behaving as if LC was out to screw all of the people they offered this to.

Again, this was a really great thing for LC to do for their lenders so all of this grousing is ridiculous.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Ronald on December 11, 2014, 10:54:16 AM
Yes, it's very nice LC did this.  They could've just ignored everyone. 

As for disappointed.  Sure, me too :)   I prefer them sending me money straight instead of going through this IPO hoopla

I'm pretty disappointed.

they said up to 350, now we get only 250.

they said $10-12, ended up being $15

I KNOW this is how all IPO's go.... but I guess I was just hoping LC would be a bit different.

Oh well, something is better than nothing.

250 is better than nothing, $15 is better than $25


Exactly, I've never seen so many whiners and complainers at one place. Complaining about share price, allocation, behaving as if LC was out to screw all of the people they offered this to.

Again, this was a really great thing for LC to do for their lenders so all of this grousing is ridiculous.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: mchu168 on December 11, 2014, 10:54:55 AM
Again, this was a really great thing for LC to do for their lenders so all of this grousing is ridiculous.

I agree that LC gave us a nice opportunity - even though the puny allocation is kinda insignificant.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Ben on December 11, 2014, 11:10:27 AM
Is this part of the pull back? It dropped to 23.18 a share.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 11, 2014, 11:16:51 AM
I'm out at $23.42.  I got tired of looking at red candles.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: thezfunk on December 11, 2014, 11:17:05 AM
Is this part of the pull back? It dropped to 23.18 a share.

The 'pullback' is everyone on here dumping their shares at their first chance.  If the market stays in recovery mode from the last couple of days I think we'll see it climb yet today a couple of bucks.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: brycemason on December 11, 2014, 11:17:16 AM
The IPO opened at a pretty high valuation for the company. +60% on what the underwriters and recent VC believe is fair. LC is amazing for giving their early investors the opportunity to get a piece of the IPO action. Kudos to them. I feel only slightly bad selling out, but would buy back in if the valuations come down to reason.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: jrr6415sun on December 11, 2014, 11:29:34 AM
how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: lukkertin on December 11, 2014, 11:41:14 AM
how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: nerf on December 11, 2014, 12:04:15 PM
how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Inflationhawk on December 11, 2014, 04:40:57 PM
Getting a 250 final allocation when you subscribed to 350 is actually pretty damn good on a hot IPO like this one.  I'm actually surprised as many shares were granted.  Usually Wall Street folk don't  give opportunities like this out except to insiders with special relationships.  Anyone that got shares should view this as an unexpected windfall.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: DanB on December 11, 2014, 04:51:00 PM
how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

No, way more than 50k were extended the initial offer from LC to participate & to contact Fidelity to indicate interest.
 50k + did that by contacting Fidelity & were then sent emails with the step by step procedures to follow. How many followed those steps to the very end this morning is unknown, but inevitably there are always large drop offs for a variety of reasons beginning with inability to follow directions, & meet deadlines, procrastination, cold feet, changing their mind etc etc. Couple that with the 6-7 hour confirmation window we had last night & I'd be really surprised if more than a third of that 50k ended up participating.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: Fred93 on December 11, 2014, 05:18:49 PM
I initiated an ACH transfer to Fidelity this morning for what I figure my shares will cost me.  The website said it could take 4 business days for the funds to be available in my account. I'm hoping they will consider the funds to be there on time.

I suggest you not assume.  Brokers have to interpret such rules strictly, so I suggest you call them and ask. 

Luckily, Fidelity has local offices in many cities.  If your ACH won't satisfy them, you can walk into a branch and hand them a check.
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: nerf on December 11, 2014, 07:56:13 PM
how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

No, way more than 50k were extended the initial offer from LC to participate & to contact Fidelity to indicate interest.
 50k + did that by contacting Fidelity & were then sent emails with the step by step procedures to follow. How many followed those steps to the very end this morning is unknown, but inevitably there are always large drop offs for a variety of reasons beginning with inability to follow directions, & meet deadlines, procrastination, cold feet, changing their mind etc etc. Couple that with the 6-7 hour confirmation window we had last night & I'd be really surprised if more than a third of that 50k ended up participating.

Fido told me 50K were invited to participate out of the LC pool. Not that 50K expressed interest. I'll call tomorrow to check but...

Based on the reduced splits the number ended up dropping to closer to 20% by the time all was said and done. Let's say 100% of the DSP was to LC customers, not realistic but fine. 5.7 mil at 250 shares each would be 22,800 participants. However if the split was closer to 40% to LC customers and 60% to F/F (like a traditional DSP) the allocation would have fallen in closer to 9000 LC investor participants. Seeing how folks who are LC investors are probably a bit smarter with their money than most (and when people see the word IPO they see dollar signs) I'd be surprised if participation rate was much lower than 20% but you never know.
Title: IPO Eve. IPO Changed to $15 a share!
Post by: BruiserB on December 11, 2014, 10:24:01 PM

I initiated an ACH transfer to Fidelity this morning for what I figure my shares will cost me.  The website said it could take 4 business days for the funds to be available in my account. I'm hoping they will consider the funds to be there on time.

I suggest you not assume.  Brokers have to interpret such rules strictly, so I suggest you call them and ask. 

Luckily, Fidelity has local offices in many cities.  If your ACH won't satisfy them, you can walk into a branch and hand them a check.

That is my backup plan.  There's an office near my work. I'm going to see how the transfer looks in my account tomorrow and if I have any doubt, I'll walk in with a check tomorrow or Monday.


Sent from my iPhone using Tapatalk
Title: Re: IPO Eve. IPO Changed to $15 a share!
Post by: core on December 12, 2014, 12:08:22 AM
I was just putting in my accounting for yesterday's trade and couldn't get the numbers to balance at first.  I see I was charged $0.13 in "Fees" on top of the commission.  Likely regulatory fees.  I expect this from someone like InteractiveBrokers where the commissions are so low they have to pass on such things directly to customers.  But Fidelity?  That I found a little surprising.  Just an FYI.