These issuances consist of three phases: Book Building, Subscription and Final Offering.
The Book Building phase facilitates discovery of the issuance’s offer price, and allows participating investors a chance – depending on their bid amounts and price – to be among the first to invest in an issuance.
By submitting an expression of interest during the Book Building phase, you can qualify for an allocation (or guaranteed investment amount) which may be used during the issuance’s Subscription sale. Not every Book Building participant receives an allocation. Allocations are granted based on a variety of factors, such as the amount of your bid, the amount of other bids placed, when your bid is placed relative to others and overall token supply.
Only investors with allocations can place orders during the Subscription phase. Orders placed during the Subscription phase will be filled immediately.
Final Offering phase is an optional round done at the issuer’s discretion and is open to all iSTOX investors, whether they earned allocations or not. This phase is your last chance to invest before the issuance is listed on our secondary market. Orders placed during the Final Offering phase will be filled on a first come, first served basis.