Pre-IPO allocation policy
Units of Pre-IPO offerings are limited and allocated on a first-come, first-served basis by time of order submission, and each order is filled in full where possible. When demand exceeds supply, some orders may be partially filled or not filled at all. Questrade Plus subscribers can place orders first (typically 5 days), followed by waitlist members for that offering (typically 5 days), then all other clients. Tier timing may vary by offering and is disclosed on the offering page. Any units not allocated in one carry forward to the next. Upgrade to Questrade Plus to access offerings before they open to all clients. Questrade Plus is free until September 30, 20261.
For example: Say an offering has 300 units available and four accredited investor clients submit orders in this sequence:
Client A (Questrade Plus) orders 150 units on day 1 → full allocation (150 units remain)
Client B (On waitlist) orders 200 units on day 7 → partial allocation (since only 150 units remain, the original order for 200 units is rejected, new order is created for 150 units, and buying power for the other 50 units restored)
Client C orders 100 units on day 12 → no allocation (0 units remain, order rejected, full buying power restored)
Client D (Questrade Plus) orders 100 units on day 15 → no allocation (0 units remain, order rejected, full buying power restored)
Joining the waitlist gives you early access to an offering the moment it goes live (just after Questrade Plus subscribers). You can adjust your investment amount or leave the waitlist at any time, with no obligation to invest.
You can submit more than one order for the same offering. Each order is treated independently in the first-come, first-served queue.
When you submit an order, your buying power is reduced by the total cost (investment amount plus transaction fee) on submission. For orders placed on weekends, buying power is reduced on the next available business day.
You can check your allocation result by reviewing your order status:
Full fill / allocation: You receive all the units you ordered. Your order status updates from Approved to Submitted to fund.
Partial fill / allocation: You receive a portion of your requested units. Your original order is marked as rejected, and a new order is created for your allocated quantity (Approved, then Submitted to fund). Buying power for the unfilled portion is restored by the end of the next business day (ET).
No fill / allocation: You receive no units. Your order is marked as rejected, and your full buying power is restored by the end of the next business day (ET).
Ready to invest? Browse available offerings (opens in a new tab) on Private Markets at Questrade, or open an account to start investing.
For the step-by-step process, see How to invest in a Pre-IPO opportunity.
Questions about your allocation result or order status? Call the Trade Desk at 1.866.980.9590 (Monday to Friday, 4 am – 8 pm ET). For general questions, contact Questrade support.
