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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?

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  • Is the IPO really at 9.30 am? If not mistaken, not all IPOs start at 9.30 am. – Flux Sep 17 '20 at 16:54
  • I think it started at 9:30am, but I can be wrong. – Jerry Zhang Sep 17 '20 at 17:05
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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.

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  • Sorry that I am still new to stock trading. What do you mean "dotting the I-s and crossing the T-s"? Also, how do you find out AMWL start trading at 12:54? – Jerry Zhang Sep 17 '20 at 17:56
  • @JerryZhang It's just an idiom in English. – nanoman Sep 17 '20 at 18:00
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    "Dotting the I-s and crossing the T-s" means "getting all of your ducks in a row" :->). OK, enough idioms. When all requirements are met by the underwriters and they are ready to "hit the ground running" :-) , the IPO opens. I looked up Time and Sales to see the time trading opened. In hindsight I realize that I assumed that my broker's data is timely. In this case, it was since there's a news story on the web stating 12:54 PM. – Bob Baerker Sep 17 '20 at 18:12
  • Got you. Thanks – Jerry Zhang Sep 17 '20 at 18:33
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    I did a lot of IPOs during the internet craze of the late 90's. In general, IPOs were a reward to their clients, especially the good ones. Though not easy, it was possible to get on the cold call lists if you did enough IPOs, kind of like those who get comped at Vegas. In recent years I have seen IPOs available at discount brokers but being 20 years removed from this, I have nothing to offer regarding current availability, size and quality. – Bob Baerker Sep 17 '20 at 18:43

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