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IPO timeline and lock-up period: What you should know

Practical planning tips for taxes, liquidity, and diversification before the IPO and after the lock-up ends
An IPO can be a milestone moment—but it also brings a fast-moving calendar, new trading restrictions, and important decisions about taxes, liquidity, and diversification. This FAQ breaks down what typically happens from the public filing window through the roadshow and first trade, and explains how lock-ups work and who they may apply to. You’ll also find practical planning considerations and potential strategies to help you prepare before the IPO and navigate your options once the lock-up expires.
1

What is the general IPO timeline?

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For confidential S-1 filers, the issuer is generally required to publicly file the registration statement and all previously confidential draft submissions for a set number of days before commencing the roadshow. The common standard is 15 calendar days for the public-on period. Following the public-on period, the issuer proceeds with the roadshow, final Rule 424(b) filings and first trade of IPO shares.
2

What is an IPO lock-up period and what does it mean? =

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IPO shares are typically subject to a 180-day lock-up during which selling, pledging, and hedging shares is generally restricted. JPMorgan can help coordinate a block sale for clients on the lockup expiration date. Connect with us to learn more.
3

Who may be subject to a lockup?

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Typically, pre-IPO investors are subject to a lockup; however, there can always be issuer-specific nuances.
4

What can I do before the IPO?

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First, build your team and have a Wealth Plan. Understand your goals so you know what you’re solving for when evaluating borrowing needs, giving, and post-IPO diversification. Working with your advisor team to understand potential tax impact is critical.
5

If I’m subject to lockup, what can I do?

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Proxy hedging may be considered appropriate, subject to compliance and suitability.
6

What strategies are available post lock-up?

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Cash trading should be available immediately upon lockup expiry, the SES team will coordinate a block sale for clients on the lockup expiration date. Derivative capabilities, which allow for hedging and various monetization strategies, will emerge but breadth will depend on listed option liquidity and borrow availability – this will take time to normalize post-lock-up expiry.
7

What about Exchange Funds?

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Exchange funds generally track broad market indices, so a newly listed stock is normally not eligible until it is included in an index.

There’s a lot to think about when it comes to preparing for what’s next with an IPO.

Our dedicated teams can evaluate your options to help ensure plans for the future align with your personal and financial goals.
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