The short answer
An advertised IPO is not a promise of shares. The broker may receive a small allocation or have more client demand than the supply available.
The SEC describes underwriters’ discretion in distributing shares and explains why highly sought-after deals can be difficult for retail investors to access. A client may be eligible to place an indication yet receive a reduced or zero allocation at final pricing.
What to do next
Ask the broker for its allocation policy, any eligibility conditions and whether an unfilled expression of interest is automatically cancelled.
Interactive Brokers
This official website is a relevant starting point for this question. Product access or eligibility depends on where you live and the provider's own requirements.
Visit Interactive Brokers ↗Official website — not an affiliate tracking link. A resource link does not imply that every reader qualifies for its services.
Questions people ask
Which choice does the guide make for why did my broker show an IPO but allocate me zero shares?
An advertised IPO is not a promise of shares. The broker may receive a small allocation or have more client demand than the supply available.
What eligibility limits should be checked for why did my broker show an IPO but allocate me zero shares?
Sometimes. The general principle is explained here, but local tax, custody and product rules can differ by jurisdiction.
Primary source
Our answer is based on guidance published by SEC Investor.gov IPO allocations.
This article explains the published general rule or provider example. It does not establish personal eligibility, a guaranteed allocation or an individual tax outcome.
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