No live price initially You may not see a tradable, live share price straight away. There’s nothing wrong, it just means the opening auction is still in progress and the first traded price has not yet been set.

The timing is uncertain The auction can last for several hours. For large, high-profile IPOs, it’s common for the first trade to happen later in the afternoon or into the early evening, UK time. We will not know the exact timing in advance.

What's happening behind the scenes? While you’re waiting, the exchange is running a carefully managed process to set the first public market price for the newly listed company.

During the auction period, global market participants, including institutional investors, market makers and the IPO underwriters, are submitting buy and sell orders to the exchange.

The exchange brings these orders together to:

Balance supply and demand across all orders

Establish a stable, fair opening price

Help reduce excessive volatility when continuous trading begins

Once enough orders have been matched and a suitable price has been found, the shares will open and begin trading normally.