I just noticed that I could not buy stocks of an IPO during the beginning to the trade at 9:30am. I tried NYSE:AMWL this morning. I can only buy the stock of an IPO several hours later. Does anyone know why? Why does this happen? Is this the same for every IPO?
In the US, IPOs tend to start trading at the open but due to dotting the I-s and crossing the T-s, sometimes they get delayed.
IOW, it can begin trading when the SEC gives its final approval and the underwriters and their specialists have matched buyers and sellers.
In the case of AMWL, it began trading at 12:54 PM EST.