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I’ve noticed in conventional IPOs that some companies’ trading data doesn’t start showing up until the early afternoon on the day they go public. Looking back at Zoom (ZM) for example I’m now able to see all the way back to 9 AM on their first day but I distinctly recall not getting any results that morning from places like Google finance or Trading View.

Of course, information is itself valuable and it being the day of Slack’s (WORK) direct listing, I’m wondering if retail investors like myself will actually have a fair shot. Even when foregoing the investment bankers by picking a direct listing, is there a chance we may not see trades on public exchanges until a time after the NYSE opens?

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A new issue may begin trading at any time of the day. There's no rule that requires that it open for trading at 9:30 EST with the rest of the market.

When trading begins on a major exchange, there is a symbol and the exchanges immediately report trade data. There is no chance that trading in listed issues occurs 'in the dark', outside of view. Secondary data providers like Google and Yahoo Finance may be slow to update their symbol base and provide up to date data.

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  • Thanks for the answer! Is there any formal announcement by the SEC or exchanges when a new issue begins trading? Seems odd that events like these happen at an indeterminate point in time.
    – novwhisky
    Jun 20, 2019 at 14:36
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    Generally, the last dotting of the I-s and crossing of the T-s is at the exchange level, getting ready to open trading and making sure that everything is in compliance. That's why trading begins at an indeterminate time. I doubt that the SEC has anything to do with announcing the beginning of trading since that's an exchange issue. Whenever I have owned IPOs and I wanted to see the first print, I set a price alerts on my platform and it beeped as soon as it began trading. Jun 20, 2019 at 15:00

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