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Step-By-Step Guide To Subscribing To An IPO (Through Internet Banking)

Saves you the hassle of having to queue at the ATM.


When it comes to subscribing to an Initial Public Offering (IPO), the typical way that many investors submit an application is through an ATM. This is, after all, the way our parents have been subscribing to IPOs for many years.

What is less frequently mentioned about is that investors can also subscribe to IPOs through internet banking as well. This is a much more convenient method as you can do it at the comfort of your home, without creating a long queue behind you at the ATM.

In this article, we will be running through the steps that you need to know if you wish to subscribe to an IPO through internet banking (ibanking).

Our step-by-step example below is based on an application made done through DBS i-Banking. However, you may also apply for IPOs through the ibanking platform of both OCBC and UOB as well.

Also, note that in order to apply for IPO shares, you first need to open a CDP account first with SGX. You can read more about how to open a CDP account, or you can watch this video guide:

Step 1: Login To Your ibanking Account

After logging in to your ibanking account, you should see an “Invest” tab. Scroll over the tab and you will see “More Investment Services”. Select it.

Step 2: Select Electronic Shares Application

Select “Electronic Shares Application (ESA)”.

Step 3: Complete The Declaration

Complete the simple declaration form and state your country of residence.

Step 4: Select The Shares That You Wish To Apply For

You will see the shares that are available for you to apply for here.

As mentioned in the footnote highlighted below, not all IPO shares are automatically included for internet application. If you do not see the shares that you wish to apply for listed here, this means you will need to apply for it at the relevant ATMs.

Step 5: Applying For The Shares

You should then decide the number of shares that you wish to apply to. Do note a few “rules”.

> In order to apply for a certain quantity of shares, you need to at least have the same amount of savings in your account, equivalent to the value of shares that you are applying for. For example, if you are applying for $10,000 worth of shares, you need to at least have $10,000 in your savings account.

> The money in your designated savings account will be deducted from based on the value of the shares that you have applied for.

> If you are unsuccessful, or partially successful, the remaining amount will be returned to your savings account. If you are successful (i.e. you got all the shares that you have applied for), no money will be returned.

> There is a service charge of $2 per application. This applies regardless of how many shares you apply for, or whether or not you are successful.

> Do note that for each IPO, you can only make one submission per CDP account.  In other words, you cannot apply using your DBS ibanking account, and then use your OCBC/UOB ibanking account to make another application, thinking it will increase your chances. It does not work this way.

Step 6: Wait For The Allotment Results

IPO allotment results are usually announced the day after the application closes. Once it’s announced, you can login to your ibanking to check if you are successful.

If you are successful, you may 1) get all the shares that you have applied for or 2) get partial of the shares allocated to you.

Under the second scenario, unused cash will automatically be returned to your savings account.

Read Also: Astrea IV Allotment: Understanding How IPO Allotment Works


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