An Initial Public Offering (IPO) is the term used when a private company offers their stock to the public for the first time. The TD Direct Investing New Issues Centre gives you access to New Issues including IPOs. New Issues also include secondary and/or treasury offerings from established public companies. Please note that all IPOs are new issues but not all new issues are IPOs. Also, an IPO is only an IPO until it is listed. Investors orders are executed as soon as the exchange opens on the IPO day. The moment it gets listed on the stock exchange, it's traded like any other listed stock, and anyone can buy it.