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There recently was an IPO, and when I tried to buy shares that day Scottrade prompted me with:

Error: Unable to enter the order because the symbol entered is not a Listed or Nasdaq National Market security

How long does it take before the shares are available to be purchased, I'm confused since it's clearly traded on the open-market, how is this possible?

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    To what does the "it" refer in your first sentence? Your broker's user interface? Shares are typically available for purchase on the day of the IPO, as that is literally what IPO means -- the first time when the public can access the shares. However, your broker may have poor technology or may simply not support trading on the first day of issue. What did they say when you contacted them? And what exchange is this symbol listed on? – dg99 Jul 28 '15 at 20:21
  • Scottrade, NASDAQ, and the symbol was NK. @dg99 – Mark Pieszak - Trilon.io Jul 28 '15 at 20:29
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    Gotcha. That's definitely a question for ScottTrade, then. IPOs are by definition available on lit exchanges on the date of the IPO. – dg99 Jul 28 '15 at 23:06
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You can purchase stock immediately in the open market on the day of the IPO when market opens. Below link gives you more information.

http://finance.zacks.com/buy-ipo-stock-3903.html

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