There are risks associated with investing in a public offering, including unproven management, and established companies that may have substantial debt. As such, they may not be appropriate for every investor.
Customers should read the offering prospectus carefully, and make their own determination of whether an investment in the offering is consistent with their investment objectives, financial situation, and risk tolerance.
Fidelity's practice regarding customers' investment decisions has never changed: We do not, and will not, offer investment advice or evaluate the merits of any individual IPO or any security trading on the secondary market.
Our philosophy is to allow customers to make their own investment decisions based on their individual investment objectives, risk tolerance, financial situation, and their evaluation of the merits of the security.
Counterparty Risk Management - Chapter 1
Eligibility for participation in traditional IPOs led by Kohlberg Kravis Roberts & Co. (KKR) is reserved for brokerage customers with a minimum of $100,000 in certain assets at Fidelity.
Other providers of traditional IPOs, and other equity public offerings made through Fidelity may be reserved for brokerage customers with a minimum of $100,000 or $500,000 in certain assets at Fidelity.
Members of Premium Services or customers who have placed 36 or more stock, fixed income, or option trades in a rolling 12-month period are also eligible.
The $500,000 or $100,000 requirement and 36 trade thresholds will be determined weekly by aggregating all assets and trades in retail accounts which list the same name and Social Security number and are maintained by Fidelity Service Company, Inc. or Fidelity Brokerage Services LLC (excluding assets or trades maintained on behalf of any divisions of Fidelity Investments Institutional Services Company, such as 401(k) or 403(b) plan assets).
Other assets may be included in the calculation at our discretion. In addition, an account in which an indication of interest is entered must have at least $2,000 in cash or fully paid securities.