How to read refund date and capital lock-up

Refund date is when unallocated or excess application money is returned.

Plain meaning

IPO application capital is locked between subscription and refund. Margin applications may incur financing interest, while cash applications still create opportunity cost.

Why it matters

Capital lock-up affects actual efficiency. Even if an IPO rises, low allocation, long lock-up or financing cost can dilute realized return.

How to read it

Read subscription close, pricing date, refund date, listing date, entry fee, allocation probability and margin rate together.

How it appears here

The allocation tool includes multiple accounts, margin cost and refund timing when comparing application blocks.

Common mistakes

Looking only at win rate without lock-up days.
Ignoring margin interest on small gains.
Forgetting that overlapping IPOs can compete for the same capital.