The Exchange who handled the IPO issued the initial shares to their "preferred customers", so your only chance would have been to buy them from THOSE investors....who of course had an "ask" price in the $90-plus range...
Folks with sufficient assets to get in on HUGE IPOs have real brokers, not on-line brokerage accounts!
I was invested into the IPO and made a decent amount. I wouldnt buy alibaba stock above 110. As far as selling the stock the day of an IPO, you need to check with your brokerage. All of your concerns and questions need to be address to your brokerage firm. All this information should be listed on their website..
Best of luck
Hi, I have a few questions. Please help, thank you!
On September 18, Thursday night, Alibaba's shares were priced at $68 dollars by the bankers. But the next day (Friday September 19), the second it went public on the open market it was priced approximately $97.45 and the stock closed at $93.30 on the day of the IPO.
Hypothetically, if I had used an online discount broker such as E*trade or Fidelity and placed a limit order of $69 dollars on Friday morning (September 19) at 5am EST, would my order have gone through for $69 dollars? or why not?
One more question
Also I would like to know if hypothetically the trade did go through, and I got the Alibaba stock for $69, would I have been able to sell the stock for for at least $90 dollars on the same day? or is there a rule during IPOs that prevents sock holders from selling their stock the day of an IPO?
