Does subscribing to an IPO via multiple brokers increase the chance of receiving shares?

External question — Personal Finance Stack Exchange Author: Franck Dernoncourt Original post: https://money.stackexchange.com/questions/169688 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. If I submit separate applications for the same IPO using different brokers where I hold accounts, does this improve my probability of selection, or is it treated as a duplicate? If that matters, I am mostly interested in the US markets and US brokers.

External answer — Personal Finance Stack Exchange Author: littleadv Original post: https://money.stackexchange.com/a/169691 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I don't think these are mutually exclusive options. If the allocation is done at the company level then they can either treat it as a duplicate, or as an aggregation (which makes more sense to me since you're essentially placing multiple buy orders). If the allocation is done at the brokerage level then they won't even know about your expressing interest at other brokerages, and then it may improve your probability of selection by any of the brokers. As part of the IPO participation you'll need to provide a confirmation ( Fidelity lingo , Schwab calls it "affirm" ) once the final price is determined. At that point you can still withdraw, but once confirmed/affirmed - you're on the hook to purchase the shares allocated to you. The allocation will only be determined after the confirmations are collected. So by submitting participation requests with multiple brokerages you must be prepared to fund them all, or withdraw at the affirmation time while still not knowing which one will allocate you how much.