Through which online broker i can apply for Nelcast and meghanmani organics IPO?
Taina asks:
The IPO issues is opening tomorrow(4/6/07). The ICICI direct is not providing facility to apply for it
The IPO issues is opening tomorrow(4/6/07). The ICICI direct is not providing facility to apply for it
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IPO’s are available through the underwriter of the specific issue. Most times these are large brokerage firms who reserve the shares for their proprietary customers. Therefore it can be difficult to receive shares of a highly anticipated issue. These firms can choose who receives the shares based on length of relationship with the firm and also dollar amount. Because of this, just opening an account with them does not ensure that you will be entitled to shares of the new issue.
Since online brokers are not underwriters, we would have to go through the same process to obtain a block of shares for our clients. Most firms do not do this since there are legalities involved with the process for a firm that do not exist for individuals. However, a few firms in the past have done this for their clients with extremely hot issues. Scottrade has not done this. We allow our clients to begin trading the issue once it begins trading in the secondary market.
To find online firms that have subscribed to the issue you would have to contact them directly. There is no way for Scottrade to know who has subscribed to an issue. Again, it is not common for any online firm to subscribe to an IPO. In fact it is rare for this to occur.
I hope this information at least helps clarify the IPO process for you.
Scottrade
http://www.Scottrade.com
1-800-619-7283