I was one of the Redditors that was allowed to pre-purchased IPO stocks. I put $1,000 into ETrade and thought I had everything setup in the Directed Share Program to buy 25 shares at $34 each. It said "Your order has been confirmed. No further action is needed, but you can still make additional changes to your order at this time."
Then I got an email on March 21 saying "Public Offering Order 25 RDDT. We were unable to allocate shares. Possible reasons: Offering priced above limit or high demand for shares."
It appears that I wasn't allocated any shares, and missed the initial IPO? What happened??
EDIT TO ADD: Thanks for all the replies! I've learned a lot in a short amount of time. There were factors at play I didn't know about or didn't think mattered (# of available shares, # of interested buyers, requested share amounts, etc.). I'm eager to keep learning and will temper my expectations in the future.
EDIT TO ADD2: I'm getting beat up in the comments for asking questions as I learn, but I'll leave the post up in case other naïve folks like me come along in the future with similar questions. Maybe I can help them avoid my pain. Cheers!
