TermUpdated: 2026-09-09
What are Pool A and Pool B in a Hong Kong IPO?
Pool A and Pool B split public offer applications by application size.
Plain meaning
Under the usual Hong Kong public offer convention, applications of HK$5 million or less go into Pool A, and applications above HK$5 million go into Pool B. Each pool usually receives a portion of the public offer shares.
Why it matters
The split affects competition across application tiers. Small and large applications may not compete in the same pool, so allocation curves can differ.
How to read it
Check the Pool A last tier (A-tail), Pool B first tier (B-head), supply in each pool and the allotment pattern. In hot IPOs, a large application is not always more efficient.
How it appears here
HK IPO AI's allotment prediction shows A-tail, B-head and the more likely allotment patterns for each pool.
Common mistakes
- Assuming bigger applications are always more efficient.
- Ignoring the jump between A-tail and B-head tiers.
- Looking only at overall win rate instead of pool-level allocation curves.