Why can IBKR retail clients in certain EEA countries participate in an IPO while those in other EEA countries cannot?

An Initial Public Offering (IPO), commonly known as an IPO, is the process by which a privately owned company offers its shares to the public for the first time. Before an IPO, a company's shares are typically held by its founders, early investors, and employees. After an IPO, members of the public, including retail investors, can buy and sell the company's shares on a stock exchange…

To be eligible to participate in US IPOs, the account:

• Must be held at Interactive Brokers LLC
• Must list the United States as the Country of Legal Residence…

IBKR generally does not offer clients the ability to trade on the Grey Market. A Grey Market could be described as dealers gauging interest for new share allotments before an IPO, or the stock has been suspended and is trading off-market. IBKR generally does not offer clients the ability to participate in an IPO (Initial Public Offering). In the event an IPO is open for clients, Client Portal's Trading > IPO Subscription menu will provide a list of currently active IPOs. …

If there is a particular IPO that you would like to participate in that is not visible to you by clicking on the Trade menu followed by IPO Subscription in Client Portal, its listing details may not be publicly available yet. If the IPO details are publicly available but you cannot see the IPO in Client Portal, IBHK may not be supporting applications for the IPO, or you may not be eligible to participate…