• The Xetra IPO Auction enables efficient initial pricing after a new issue (initial public offering, IPO).
• Involvement of the lead broker ensures that the price achieved in the IPO auction is of a high quality.
• The Xetra IPO Auction is suitable for all sizes of new issues.

The Xetra IPO Auction in a security can only be held once during the Xetra trading time. It takes place

• at the beginning of trading as an opening auction in the case of securities which are continuously traded, and stocks which are traded in several auctions a day or
• as an individual auction during the course of the day in the case of securities which are only traded in one auction a day.

Tradable instruments: Equities

How the service works

The Xetra IPO Auction is similar to auctions in “continuous trading with auctions” on Xetra, but differs in terms of procedure and transparency.
The IPO Auction begins with the outcry phase, in which market participants can enter orders and quotes as well as change or delete their own orders. The lead broker determines the end of the IPO phase.
With the end of the IPO phase the freeze phase begins. During the freeze phase the market participants can neither change nor delete their own or existing orders and quotes: The order book is inaccessible. Taking the order book situation into account, the lead broker determines the price spread. He sets the pricing time.
For securities traded in the trading model Continuous Trading, the IPO Auction is followed by a daytime auction. After the daytime auction, trading with Continuous Trading is continued.
For securities traded in another trading model, trading is continued in line with the trading model for the security.