Last post on Oct 07, 2008 at 10:45 AM
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Sep 09, 2008 (11:07 am)
Is there a cap on the number of shares that can be purchased during an IPO? I got in on the Audi TTS at 2.98 share. I tried to purchase 120000 shares. It limited me to 90000 even though I had the cash and was under the 25% rule.
#2 of 6 Re: IPO limits? [networkguy]
Sep 09, 2008 (11:56 am)
I believe price went up during your clicking. lol
#3 of 6 Re: IPO limits? [shin107]
Sep 09, 2008 (12:09 pm)
No, I clicked in at intro and bought at 2.98. That would have been around 360,000 cash. I had that covered
#4 of 6 Re: IPO limits? [networkguy]
Sep 09, 2008 (12:40 pm)
Hmnmm. You shouldn't have been limited to under well under 25%. The calculator is set to allow only up to 25%, so I'm not sure what happened here.
If 120,000 shares represented 25% or less of your total net worth, then it should have gone through. There is not a limit, although there could be some truth to the reply you got -- in that, for some reason the first 90,000 went through and then the price did go up (remember, IPO time is insane. Prices are moving per second). I can only think the system recognized a higher price and cut you off.
I will investigate further. Just my preliminary thoughts.
Oct 07, 2008 (9:39 am)
So, is the 25% rule based on available cash or overall net worth? I tried to purchase 100000 shares of S94X during the IPO about 5.26 per share. I was limited to 90000. That would make sense if it was 25% of my available cash (about 2 million), but not my overall net worth.
#6 of 6 Re: Happened again [networkguy]
Oct 07, 2008 (10:45 am)
I've had it pop up 90,000 for max buy and it's done it with $1 million and $8 million cash free...