Our view: PrimaryBid has simplified access to the new issue, placing and IPOs market by providing a centralised point for application rather than having to have multiple stock brokerage accounts. Read more...
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Darren is a veteran of the financial markets with almost 36 years of experience under his belt. He has worked in trading, sales, analytical, and research roles, he has been a regular guest & commentator on financial television channels and publications. During his career, Darren has been fortunate to act for and advise major hedge funds and investment banks as well as HNWI. Darren analyses the markets using a blend of technical and fundamental analysis
Review date: 24th March 2021
What is PrimaryBid?
PrimaryBid is a fintech business that’s dedicated to IPOs, new issues and stock placings, and bringing these directly to retail investors who have to some extent been excluded from the primary markets. For more information on what these are read our guide on how to invest in IPOs.
PrimaryBid allows its customers to apply for stock in a new issue though them, this means that PrimaryBid can buy shares in a particular issue and compete on equal terms with institutional investors.
The business has been involved in 100 deals to date with participation ranging between £500,000 and £10,000,000. With individual ticket or trade sizes running between £1,000 and £500,000.
PrimaryBid has, according to its website, accessed more than half a million retail investors to date.
The two main services offered to PrimaryBid clients are the ability to apply for shares in a new issue or IPO and secondly to participate in placings of shares in or from listed companies.
PrimaryBid is an FCA-regulated business that is backed by venture capital money from investors such as the London Stock Exchange and ABN Amro Ventures.
PrimaryBid has both and a desktop portal though the app does appear to be the main access point. The app is free to download and install and you can easily apply for an account with PrimaryBid via the app.
You can receive alerts from PrimaryBid about upcoming issues and view offer documents such as a prospectus where applicable, and subscribe to or register interest in those deals that appeal to you. PrimaryBid is largely focused on UK new issues but it has also partnered with Euronext that could allow it to participate in European deals going forward.
Investing with PrimaryBid
Using PrimaryBid you can apply for shares in companies that are floating on the stock exchange for the first time. These deals are known as flotations or IPOs and are part of the primary markets through which companies access capital, as opposed to the secondary markets, where shares are traded independently of any fundraising.
To apply for shares in a new issue you first need to open a PrimaryBid account and to do that, you will first need to download their app from either the Apple or Android app store, or register using their website.
Note though that for some issues you will also need to be an existing customer or account holder of the company that’s floating, added to which you will need to have a trading account with a stockbroker into which PrimaryBid can transfer any shares you are allocated.
PrimaryBid is not the first platform to try and democratise new issues. ALL IPO which was acquired by ADVFN in 2009, ran a similar service, however that shut down in 2018 creating a gap in the market for PrimaryBid to try and fill.
- Using PrimaryBid you can stay in touch with details of upcoming new issues and placings.
- You can receive real-time alerts on placings that are not usually made available to retail traders or are concluded before they get a chance to participate.
- PrimaryBid does not charge fees or commissions to investors instead it receives a commission it has negotiated with the companies that are issuing shares.
- All applicants for news issues via PrimaryBid receive the same pro-rata allocations, at the same price, which is also the price that institutional investors in the offers receive.
- To use PrimaryBid’s services you will need to have an existing stockbroking account and not all brokers are registered with them.
- It’s not possible to apply for new issues or placings, through PrimaryBid, for your SIPP and ISA accounts.
- PrimaryBid does not get access to all new issues, only those of the companies that allow them to participate.
PrimaryBid Charges & Fees
There are no charges for PrimaryBid customers for using the service. Instead, PrimaryBid gets paid by the issuing companies, based on the amount of money that PrimaryBid raises for them.
Competitors such as Interactive Investors and Hargreaves Lansdown also run commission-free IPO applications service. All three services are likely to have different IPOs and new issues on offer at different times.
It may also be worth checking with your existing stockbroker to find out if they have a new issues service, or if not if they are registered to receive the transfer of allocations from PrimaryBid, and if there are any charges for such transfers.
PrimaryBid & The London Stock Exchange (LSE)
The London Stock Exchange Group manages and operates the London Stock Exchange, the UK’s premier securities market place. Which is the venue that many companies wishing to float and list on the stock exchange will choose to do so on.
The LSE which had previously collaborated with PrimaryBid made a direct investment through its participation in a $50.00 million Series B fundraising, conducted by PrimaryBid back in October 2020.
At the time Charlie Walker, Head of Equity and Fixed Income, Primary Markets at London Stock Exchange plc said that
“PrimaryBid has become an important part of the U.K.’s capital raising ecosystem and we look forward to working with them to further enhance retail investor access to capital markets within the U.K. and globally.”
Having the London Stock Exchange on board as a partner and investor boosts PrimaryBid’s credibility and that association may help to persuade companies that are listing in London, to include PrimaryBid, and retail investors generally in their IPO plans.
PrimaryBid & Deliveroo IPO
Deliveroo is to list on the London Stock Exchange and will allow PrimaryBid customers to apply for shares. Though they must first register their interest and be, or become a Deliveroo customer. The food delivery service has been valued at as much as £9.0 billion, so a successful listing would be a sizable deal and a feather in the cap of the LSE, which competes with exchanges in the US, Europe and Asia for this type of large deal.
Once again there will be no charges levied by PrimaryBid when Deliveroo list its shares. PrimaryBid clients and Deliveroo will be able to apply for the issue free of charge.
Deliveroo is making £50.00 million worth of shares available to what it calls its community of users who can apply for between £250.00 and £1000.00 worth of stock.
The IPO price range has been set at between £3.90 and £4.60 per share and dealings in Deliveroo are expected to commence at 8.00 am, London time, on April 7th 2021.
The community offer aside the Deliveroo listing is being aimed at institutional investors and not the general public. Other stockbrokers may be able to participate, but PrimaryBid is likely to be the main conduit for private client interest.
PrimaryBid & PesionBee IPO
Online pension manager PensionBee is thinking of listing via an IPO the business which was formed back in 2014 aims to simplify the pensions process. Something that many would argue is long overdue. PensionBee has partnered with PrimaryBid to provide its customers with an opportunity to acquire shares in Pension Bee, if and when it decides to list on the LSE.
To participate in this offer you will need to have a PrimaryBid account and have a pension with PensionBee or undertake to transfer one to them. You will also need to pair your PensionBee and PrimaryBid accounts. Though if PensionBee does IPO you won’t need to have a separate stockbroking account to take delivery of the stock which can be held in the firms corporate sponsored nominee account.
No decision on whether to list or not has been made as yet. Nor has a prospectus been published. However, the inference, from the partnership between Pension Bee and PrimaryBid, is that PensionBee customers will get first dibs in any IPO and that they will need to apply for stock through PrimaryBid.
PrimaryBid ParselyBox IPO
Parsley Box is a food/recipe box delivery service aimed at the independent 60+ age group. Like PensionBee it is considering an IPO. though it hasn't made a final decision as yet.
However, in preparation for a possible floatation Parsley Box has partnered with PrimaryBid to allow Parsley Box customers to register interest and apply for shares in any subsequent IPO.
Customers can register their interest in Parsley Box through the PrimaryBid app or website, and as with all of PrimaryBid's new issues there are no fees or commission to pay should Parsley Box issue shares and list on the stock exchange.
For the moment at least PrimaryBid is the only place that you can register your interest in the Parsley Box IPO, should the company proceed with its listing proposal.
Placings are secondary issues and fundraisings by listed companies, or the sale of a significant stake in a listed business by an existing shareholder, perhaps a founder or institutional investor.
These deals can often take place at short notice and on a first come first served basis and they can be concluded quickly, perhaps within a business day.
As such retail clients would not normally get the opportunity to participate or be able to move quickly enough to apply for stock. PrimaryBid alerts its users in real-time about such placings giving then the chance to participate.
The platform has been involved in large deals for the likes of Ocado and Compass Group and many smaller deals too.
PrimaryBid has been involved in more than 100 issues to date.
If you don't have sufficient funds in your PrimaryBid account to participate in a placing you will need to transfer that money in via your debit card. Something that’s not always easy to do in a rush, especially if a larger transfer is involved.
Once again PrimaryBid charges nothing for its services here as it’s remunerated by the seller of the placing stock.
PrimaryBid New Issues
New issues are the listing of stocks coming to market for the first time, often these are companies that are looking to raise money to expand and grow their business. Although it’s becoming increasingly common for businesses to source external capital from private markets during their growth phase and to use a new issue as a way of realising the value within the company, for the founders, and their VC and PE investors.
New issues tend to take one of three forms, the IPO, the placing or the introduction. The placing and introduction will not normally allow for retail client participation. And though IPOs are somewhat more democratic, there is no guarantee that retail clients would be able to secure an allocation. This is exactly why PrimaryBid was founded.
An IPO or Initial public offering is a particular form of new issue that was popularised in the USA. Under an IPO a company decides to offer shares in itself for sale to investors and appoints brokers and investment bankers to manage the floatation.
These brokers and bankers along with the businesses lawyers prepare listing documents that set out the details of the proposed issue, the company and its business performance.
The advisors to the issue will typically take the company's management on a roadshow to meet prospective investors and to tell the company’s story. At the end of which, the bankers will gauge interest in the issue, build a book of clients who are prepared to invest and establish the price at which they are happy to do so. Once this has been done the shares list on the stock exchange at the IPO price and then trade freely in the secondary market.
PrimaryBid looks to participate in IPOs on an equal footing to institutional investors and to pass that equality on to retail clients. However the ability to participate in an IPO is determined by the company that’s listing and its advisors, and if they don’t include PrimaryBid in the offering then you can't participate through them.
If PrimaryBid is allowed to participate in an IPO then it negotiates terms with the issuer and does not charge its users any commission or fees for subscribing to the IPO.
The allocation in a new issue is the number of shares that you secure from your application to subscribe to the new issue. Allocations are based on supply and demand. Popular IPOs are often oversubscribed, that is investors apply for more shares than the company is issuing and therefore allocations are scaled back.
This happens regularly and to the extent that if you receive an allocation of 100 per cent of the shares that you applied for in an IPO, then that’s not a good omen for the performance of the stock in the secondary market.
PrimaryBid acts as an aggregator of retail client interest in a new issue or placing and uses that buying power to put itself on the same footing as institutional investors. Aggregating their user’s interest means that PrimaryBid can get a better allocation than retail clients could hope to achieve on their own, and with community offerings PrimaryBid may also be the only channel, through which real customers can apply for stock in the new issue.
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.
Kieran D'Silva Co-Founder of PrimaryBid explains why they want to provide open access to IPOs, New Issues & Placings
Interview date: 12th December 2019
In today's discussion we cover:
- What’s the difference between a new issue, placing and IPO?
- Are new issues, IPOs and placings right for retail investors?
- What sort of returns can you expect from investing in new issues, placings and IPOs?
- What are the risks of IPOs, New Issues & Placings?
- What are the main benefits ofIPOs, New Issues & Placings?
- When can you sell out after a new issue, IPO or placing?
- Where can you find out what companies are issuing an IPO, new issue or placing?
- What PrimaryBid offers and how it works.
- Why investors should use PrimaryBid rather than going direct through their stockbroker
- What PrimaryBid will do differently compared to existing/closed new issue only platforms
- What about international markets, IPOs in the US, Europe and Asia new issue access.
- Will PrimaryBid cover unlisted securities? Providing a secondary market for equity crowdfunding and VC investments.
- Where are funds held prior to allocation and are they protected under the FSCS or segregated from the firms funds or other clients funds. If a full allocation is not alloted, are funds sent back?
Good morning. Welcome to Good Money Guide TV. We’re here with Kieran D’Silva from PrimaryBid. Today, we’re going to have a chat about new issues, IPOs and placings, who they’re suitable for, what Primary does to bring this market closer to retail investors, the main risks and benefits, and also, how you can get involved. So Kieran, welcome, thank you very much for joining us from PrimaryBid.
Thanks for having us.
So we’re going to have a quick chat about the new issue IPO market. And obviously, there’s new issues, IPOs and placings. Do you want to quickly talk us through the difference between those three terms?
Sure. So a new issue is when any listed company is using new shares to raise funds. That includes IPOs and placings. An IPO is when a private company lists in the stock exchange for the first time and a placing is when an already listed company is using new shares to raise new funds. Historically, placings are only available to institutional investors and high net worths.
So on the basis that traditionally, institutional investors get first dibs on these sorts of offers, are they suitable for retail investors? Should a private client be getting involved in the new issue and placing market, and I suppose what are the advantages to them of doing so?
Well new issues are often seen as the hottest deals in the market, and historically, have been the preserve of institutional investors, with retail investors being excluded. We view that retail investors can buy stocks and shares via a stockbroker at market price. So it is only right we’re able to buy those same shares at a better price in the primary market.
And what would you say are the main risks to a private client getting involved in this sort of market?
So as with investing in any stocks and shares in the stock market, the main risk is your share price performs badly after a transaction.
But there’s other things as well, aren’t there, like liquidity obviously if it’s an issue from a FTSE100 company, there’s going to be liquidity and volume within the market, but the further down you go, the harder the shares are to sell afterwards, aren’t they? So what’s the sort of risk? What sort of returns can they expect to make within what timeframe? And what should they be mindful of after they’ve bought in to a new issue?
So I think with any investing in stocks and shares, there’s no guaranteed returns. But however, there’s lots of academic studies showing that IPOs overall outperform the wider stock market, and stock placings are done at a discount to that market price. So [whereas they’re embedded, dealt] to an overall stock price performance.
So we’ve touched a bit on the risks but what about the benefits for someone who sees an attractive new issue? So on your platform, for example, you send out notifications saying company X, Y and Z is issuing new shares. Why should an investor buy through you rather than just going to the market and buying them themselves?
So the main benefit of a placing is its discount to market price. This is the first time anywhere where an everyday retail investor can get access to a listed company share at a discount to market price. If they buy via a stockbroker, that’s kind of secondary market; you’re just buying or selling at the share price. Via new issuance or the primary market, that’s when you can get this access to a discount to share price.
So why would a company issue shares at a discount?
So when a company’s looking to raise new funds, for example, BP is looking to raise new funds to drill a new oil well, they need to go and raise that from both institutional investors, historically, via an investment bank, and those institutional investors, it’s really similar to sort of a bulk buy discount. They’re investing huge amounts of money and therefore, they get that discount to the share price. And we’re simply allowing the retail investor access to that same discount.
And for a retail investor or a private client wanting to get involved in new issues and IPOs, where should they look? How do people find out about what companies are issuing new shares, and then how can they go about doing their due diligence on these companies to see whether or not they’re worth investing in?
So high net worth individuals often have access to these via the private client brokers, access to placings, and the large IPOs like Royal Mail, stockbrokers often distribute them to retail investors. PrimaryBid gives access to a much wider range of all placings, which we do for a platform, to all retail investors, not just high net worths. So the best way is to sign up to PrimaryBid and get a notification on all of our transactions.
So the transactions you offer, London Stock Exchange also publishes all the coming new issues and the most recent new issues as well. Do you cover any issues outside of what’s published on the London Stock Exchange website?
So generally, placings are only announced in market once a transaction goes live. There’s no advance warning essentially, in a way that an IPO, you often have some lead time when you know that deal’s coming to market. For a placing, the first time investors normally find out about it is when there’s a public press release and the transaction is live.
I was a stockbroker for a while, you know, a long time ago, and we did partake in a few new issues, and one of the things we found that was actually our private client base was almost like the last informed. You know, they were the last to know about them, and also, they got the smallest issue afterwards as well. And one of the things that we sort of found was that the more access retail clients have to a new issue, the less demand for it there is. So generally, if there’s a hot new issue that’s going to almost certainly increase in value when it comes to market, there’s an opportunity for institutions and high net worth clients to [stag] it, you know, buy it and sell out immediately. But we saw a sort of trend whereby new issues where institutions weren’t overly interested, it wasn’t oversubscribed. So there was a bit of an allocation left, and then that got put out to the stockbrokers and then that got put out to the retail customers. Do you see that sort of trend now or is there more demand for a private client, or is it still very much the case, and also, how do you deal with allocations? So if you’re involved in a new issue as well and there’s large institutional demand, how do you ensure that the private clients [on] your customers get a fair allocation and don’t get scaled back?
So I think this selection bias that you’re referring to has been a key issue historically with these transactions, whereby retail is often an afterthought by the investment bank running this transaction. And institutional investors get the hot deals and the retail investors are only getting an allocation where there’s funds still required. The key difference with PrimaryBid is that especially now we have the commercial agreements with London Stock Exchange and Euronext, the leading Pan-European stock exchange, we’re meeting the listed company at the start of the fundraise process. So when the company’s thinking of raising funds, retail is not an afterthought. They’re thinking about them upfront. And PrimaryBid are engaging directly with the listed company so that there’s no notion of getting zero doubt towards the end, if it’s a hot deal.
And to your question on allocation, we’ll generally engage with the listed company and they’ll have an idea of how much they want to allocate to retail upfront, and we’ll agree these allocation policies upfront. So as an example, if the book is two times oversubscribed and the investment bank may choose to allocate more to its long [only] investment funds and less to its more hedge fund clients, and that’s fine – the bank has authority to do that as it thinks it best makes up the book – however, if it’s two times oversubscribed, PrimaryBid would expect to get 50% of its allocation on that transaction, as opposed to being zero doubt. And that’s because of the relationship directly with the issuer.
And I suppose essentially, you’re pooling a lot of private clients’ orders, whereas before, it perhaps would’ve been ten different stockbrokers applying on behalf of 200 customers.
Are you essentially saying that you’re an institutional applicant as well, and then filtering that out to…?
Exactly. PrimaryBid automates that aggregation of retail demand and we face off to the issuer or the bank as one FC-registered institutional counterparty.
So that’s what you do. Let’s just sort of quickly touch on how you do it. So I want to get involved in a new issue. I open an account with you, and then company X, Y, Z is issuing shares and I go yeah, I’ll have, for the sake of argument, I’ll have £10,000 worth of that. What’s the process? Who looks after my money? Who looks after the shares? What happens after the shares, after the transaction’s done? When can I sell them? Let’s just talk about costs as well, what are the costs?
So at very high level, PrimaryBid connects everyday retail investors to listed companies raising capital. And we do that when a transaction is announced. The PrimaryBid user will get a real-time notification, so they can learn about the transaction, they can subscribe for an allocation, and they can receive those shares commission-free. In terms of costs, we don’t charge…
Shall we just touch on that. I mean IPOs and new issues are generally commission-free, aren’t they? It’s the issuer that pays the institutions for raising the money, so generally, private clients wouldn’t have to pay commission on a new issue or a transaction.
It really depends on their private client broker. For access to these hot deals, sometimes commission is charged, while PrimaryBid does not charge the retail investor any commission. Where we get our fees from is we charge the listed company a fee for raising the capital.
And then the process, where do I send, so I want £10,000 worth; do I send my money to you or does that sit in my stockbrokerage account and do I need a stockbrokerage account as well?
So when you transact through PrimaryBid, you pay then and there via your debit card. That sits in a segregated client funds account.
So that’s pre-allocation.
Pre-allocation. A segregated client funds account at Barclays, so there’s no credit risk with PrimaryBid. And once you receive your allocation, you can settle into your stockbroking account of choice. So whether that’s Interactive Investors, Barclays, Hargreaves Lansdown, you choose. And if you don’t receive your full allocation, you’ll receive a refund of your balance.
So when should that show in my stockbrokerage account? So say these new shares issue at nine o’clock when the market opens on Monday, when will I see them in my stockbrokerage account and when will I know my allocation and when can I either sell them or know my position?
So once of the fundraiser are announced, then we’ll send out allocation confirmations to all the investors. Normally, it’s three days after the results of the fundraise announcement, when the shares are admitted to trading, and at that point, they can start to be settled into the underlying retail investor/stockbroking account. In terms of exact timing, it really depends on the stockbroker and their processes. For many of our stockbroker partners, they’re settling in same day of [admitter] trading and others take longer.
Okay. But you should know your allocation beforehand, shouldn’t you? So you should know…
Exactly. Yeah, shortly after the results fundraise press release is announced, you’ll receive an allocation confirmation.
And of course, it’s not a new thing, investing in new issues or IPOs or placing. People have been able to do it ever since there’s been a stock market. But obviously, you’re a sort of one asset class provider. Why should people go through PrimaryBid to access new issues on IPOs, rather than just phoning up their stockbroker and saying do you have access to this, can I get involved?
Say we see it mainly being high net worth individuals who have access via their client broker to these placings, historically. The everyday retail investor tends to be excluded, and the first time they hear about it is when they see the results of the fundraise press release being announced the next day, by which time, it’s too late. So in terms of subscribing via your stockbroker outside the secondary market, just that full market price, we see PrimaryBid for the everyday retail investor as the only real place to get access to these placings, on a large scale.
And there’s been a couple of providers that have tried this before. There’s been significant changes in the A-market. I was talking to Justin Urquhart Stewart from 7IM, you know, he’s one of the original founders of the A-market, and he was saying it’s going through a lot of changes; it’s not quite what it once was. So what are your plans to win in this market? So how are you going to, as a business, win?
We’ve done 50 transactions to the platform already, raised over 65 million sterling to the platform. We’ve got commercial agreements in place with London Stock Exchange and Euronext. We recently completed our venture capital series A with leading investors of Pentech VC, who were early investors in Nutmeg, and Outward VC, who are backed by Investec. And alongside our VC-led fundraise, we made key appointments, including James Deal from JP Morgan and Eric Gallo from Goldman Sachs, to lead on sales and business development respectively.
So that’s a fairly broad board that you’ve got there. So the Euronext connection, does that mean you offer access to European issues as well?
So our agreement with Euronext covers nine European geographies in continental Europe and we’re due to launch in France in 2020. So at that point, that’ll initially be offering French placings to French investors, but the idea over time is to cross-pollinate.
So UK investors at the moment can’t invest in...
Not at the moment.
And what about the sort of big, exciting US ticket? Will people over here ever get access to new issues in America, and Japan and Asia?
When you look at the retail capital markets in the US and Asia, it’s even bigger than that in the UK and continental Europe. So further geographical expansion is definitely part of our plans.
And as well as looking abroad at access to new markets, there’s a big movement in the unlisted company space at the moment. Everybody wants to invest in, well, I say everybody, there is a subset of investors who want to invest in VC funds to get early access to high-growth fintech companies, much like yours, and equity crowd funding as well, where there’s a movement for smaller investors to perhaps invest in sustainable and ethical companies. Do you have any plans to try and aggregate that market, as well as providing access to listed stocks, provide access to unlisted markets?
So PrimaryBid focuses on publically-listed companies and as such, we don’t cover private companies. We see the public stock market resolving a lot of the issues with investing in private companies, such as lack of liquidity, lack of transparency, lack of governing standards, hence why we’re focused on retail investors investing in publically-listed companies.
And of course, I mean obviously, the A-market is very high risk, you know, the further down the market cap you go, the higher the risk, but unlisted stocks are probably at the highest end of the risk.
That’s generally the case. And you don’t have a secondary market for your shares.
You can’t get out, yeah.
For publically-listed companies, you have things like the listing rules. For AIM, we have nominated advisors, brokers, etc. They have disclosure requirements. They have to announce if it was a contract etc. When you move to the world of private companies, all of those listing rules just don’t apply.
And just one final question. Who’s it for? Who should sign up? Should new issues be a very small part of your portfolio? You know, should be investing in new issues if you don’t have exposure to the stock market? Or is it, in your view, a relatively high-risk product for sophisticated investors or for people who already have a balanced portfolio?
So we see PrimaryBid really open up the market to everyday retail investors, not just high net worths or sophisticated investors. In terms of subscription amounts, you can subscribe with PrimaryBid from as little as £100. In terms of your overall portfolio, these are obviously single stocks you’re investing in via PrimaryBid or when you just [pay] in any placing or IPO, and that should always be part of a balanced portfolio.
So diversification is key. Don’t put all your eggs in one basket.
I think everybody, that’s the sort of key lesson about investing that people need to understand. So you need to diversify.
Alright, well Kieran, thank you very much for talking to us. That was really interesting. Thank you very much for watching this episode of Good Money Guide TV. We’ll be back with another asset class to cover shortly. Thank you.
PrimaryBid Frequently Asked Questions:
Is PrimaryBid safe?
PrimaryBid is an FCA regulated business backed by large institutional and venture capital shareholders. Client money is protected by the UK Financial Services Compensation Scheme.
How does PrimaryBid make money?
PrimaryBid receives fees from the companies that it helps to raise money for. The more money it raises the more it earns in fees.
Can you invest through an ISA with PrimaryBid?
No, you cannot invest through PrimaryBid in an ISA account.
Can you invest through a SIPP with PrimaryBid?
No, you cannot invest in a SIPP through PrimaryBid
What brokers can you use with PrimaryBid?
PrimaryBid has a long list of stockbrokers (see the website or app for details) whose clients can apply for new issues through them. However, not all brokers have signed up as yet. You can only use a single brokerage account in conjunction with your PrimaryBid account.
Who owns PrimaryBid?
Its management and its institutional and venture capital backers and shareholders
How do you sell shares on PrimaryBid?
PrimaryBid is not a share trading service. Any shares that you secure from a new issue or placing, managed by PrimaryBid, must be transferred to a registered stockbroking account from where they can be sold if required.
When do you receive your shares on PrimaryBid?
As soon as the shares are issued to PrimaryBid they can be transferred to your brokerage account. The time that this takes may vary from broker to broker.