[thrwn_frthr_awy]

How is the opening stock price decided on a direct listing?

Is there a way to put in orders for a ticker before it has opened/been listed so that you can purchase at 9:30 on the 14th?

[an_opabinia]

Look for an order type called "limit on open," or its radioactive cousin, "market on open."

The reason people don't do this is, that kind of order requires having an opinion about what a stock should be priced at. And retail traders basically never have that opinion.

[woobar]

RBLX just did a direct listing. They set a reference price at $45. Later in the day (they did not start trading until midday) the reference price was adjusted to $60. I had two limit orders. One from day before at $50, another placed at noon at $62. None of them executed, since it opened at $64+.

[thrwn_frthr_awy]

Thank you. When did they set the reference? The day of or before?

[woobar]

I saw it a day before, but on the day of listing they have updated it again

[JumpCrisscross]

> How is the opening stock price decided on a direct listing?

Same way every stock does every morning: the opening cross [1].

[1] http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose