I'm being "invited" to "pre-register" for an IPO (Doximity)

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neurosphere
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

am wrote: Sun Jun 13, 2021 4:35 pm I registered through doximity and just got an email from fidelity. How will it work after I register through fidelity? Will they allocate a certain number of shares which I am obligated to pay or do I get to choose how many shares I get at the IPO price?
They will provide instructions via email to log in and declare your intent on how many shares you want to purchase, from 1 to 250. Then when the IPO is formalized you have to confirm/finalize that commitment. When the shares are issued, you'll have a couple of days to fund/pay for the shares.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
aristotelian
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by aristotelian »

tigerdoc93 wrote: Mon Jun 07, 2021 8:55 pm I’m going to participate mostly out of curiosity but also to learn more about the IPO process.
So making money has nothing to do with it?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
withrye
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by withrye »

I received an email that the preliminary prospectus was available for review. I clicked into it and scanned it briefly. Now the Reserved Shares Program portal just says the "review prospectus" step is complete, with no option to open it again. Clicking "preliminary prospectus" in the right sidebar brings up a placeholder PDF. Perhaps they published early?

If anyone opens the preliminary prospectus, consider saving the file as it may disappear after your first viewing. The only available step is the FINRA questionnaire and indication of interest.

Funny process so far.

Pricing is anticipated to be between $20 and $23 per share, placing an order of $5000 at around 250 shares at the lower end of the range. The IPO is expected to take place on June 28.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by am »

neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
Are you going to participate? I am thinking of buying 1k worth of shares. Seems like doximity is profitable and growing.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

am wrote: Tue Jun 15, 2021 2:03 pm
neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
Are you going to participate? I am thinking of buying 1k worth of shares. Seems like doximity is profitable and growing.
I plan to, yes. Literally for the learning experience of learning what an IPO is like, and with a chance to potentially make $1. I was not willing to "learn" with some other "investments" such as crypto (shh...no discussing crypto!) or SPACs, etc. Risk seems much more defined here.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by arsenalfan »

Thanks for this thread!
Because of it, I logged into Doximity for the first time in 5 years - got the IPO invite 2 hours later in my email!
Nothing in my profile, no info - they did have updated state medical licenses and practice location. Presumably through NPI.
I already have Fidelity, and so logged-in and picked an aftertax account.
Probably will plunk in $100 of fun money to ride along!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Blue »

neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
I see the following in your link “ Any shares acquired as part of the Doximity directed share program are subject to a 180 day lock-up period during which time they cannot sell, transfer or pledge the shares acquired as part of the directed share program.”
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

Blue wrote: Tue Jun 15, 2021 8:08 pm
neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
I see the following in your link “ Any shares acquired as part of the Doximity directed share program are subject to a 180 day lock-up period during which time they cannot sell, transfer or pledge the shares acquired as part of the directed share program.”
Confused. This is what I see in the FAQ pdf:
21. When can I sell shares allocated to me?
You are free to sell shares acquired as part of the Doximity Reserved Share Program whenever you choose. You must make full and separate payment for all shares within two business days after the first public trading day. You cannot pay for your allocated shares with cash, credit card or the proceeds from the sale of those shares; you may only pay via the methods identified on the RSP website. If you sell your shares on Fidelity.com a brokerage commission will not be charged, however if a brokerage commission will be charged if you sell shares through a representative. You can find Fidelity’s full commission and fee schedule in the customer agreement as well as online at Fidelity.com.
Is there a chance the link takes us to different document depending on cookies or something? :confused

Is there a difference between "Reserved Share Program" and "directed share program" perhaps?
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Blue »

neurosphere wrote: Tue Jun 15, 2021 8:16 pm
Blue wrote: Tue Jun 15, 2021 8:08 pm
neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
I see the following in your link “ Any shares acquired as part of the Doximity directed share program are subject to a 180 day lock-up period during which time they cannot sell, transfer or pledge the shares acquired as part of the directed share program.”
Confused. This is what I see in the FAQ pdf:
21. When can I sell shares allocated to me?
You are free to sell shares acquired as part of the Doximity Reserved Share Program whenever you choose. You must make full and separate payment for all shares within two business days after the first public trading day. You cannot pay for your allocated shares with cash, credit card or the proceeds from the sale of those shares; you may only pay via the methods identified on the RSP website. If you sell your shares on Fidelity.com a brokerage commission will not be charged, however if a brokerage commission will be charged if you sell shares through a representative. You can find Fidelity’s full commission and fee schedule in the customer agreement as well as online at Fidelity.com.
Is there a chance the link takes us to different document depending on cookies or something? :confused

Is there a difference between "Reserved Share Program" and "directed share program" perhaps?

Confused as well.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

neurosphere wrote: Tue Jun 15, 2021 8:16 pm
Blue wrote: Tue Jun 15, 2021 8:08 pm
neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
I see the following in your link “ Any shares acquired as part of the Doximity directed share program are subject to a 180 day lock-up period during which time they cannot sell, transfer or pledge the shares acquired as part of the directed share program.”
Confused. This is what I see in the FAQ pdf:
21. When can I sell shares allocated to me?
You are free to sell shares acquired as part of the Doximity Reserved Share Program whenever you choose. You must make full and separate payment for all shares within two business days after the first public trading day. You cannot pay for your allocated shares with cash, credit card or the proceeds from the sale of those shares; you may only pay via the methods identified on the RSP website. If you sell your shares on Fidelity.com a brokerage commission will not be charged, however if a brokerage commission will be charged if you sell shares through a representative. You can find Fidelity’s full commission and fee schedule in the customer agreement as well as online at Fidelity.com.
Is there a chance the link takes us to different document depending on cookies or something? :confused

Is there a difference between "Reserved Share Program" and "directed share program" perhaps?
There is also this, from the S-1 filed with the SEC yesterday, emphasis mine:
Shares sold through the reserved share program will not be subject to lock-up restrictions
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
need403bhelp
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by need403bhelp »

neurosphere wrote: Wed Jun 16, 2021 7:13 am
neurosphere wrote: Tue Jun 15, 2021 8:16 pm
Blue wrote: Tue Jun 15, 2021 8:08 pm
neurosphere wrote: Tue Jun 15, 2021 12:46 pm
Dmslax45 wrote: Mon Jun 07, 2021 10:02 pm You should also make sure there is no lock up or hold period. Sometime DSPs will have a 90 or 180 day lockup for participants and then you’re stuck in it.
The prospectus says there is no lockup period for shares being offered in this manner:

FAQ
I see the following in your link “ Any shares acquired as part of the Doximity directed share program are subject to a 180 day lock-up period during which time they cannot sell, transfer or pledge the shares acquired as part of the directed share program.”
Confused. This is what I see in the FAQ pdf:
21. When can I sell shares allocated to me?
You are free to sell shares acquired as part of the Doximity Reserved Share Program whenever you choose. You must make full and separate payment for all shares within two business days after the first public trading day. You cannot pay for your allocated shares with cash, credit card or the proceeds from the sale of those shares; you may only pay via the methods identified on the RSP website. If you sell your shares on Fidelity.com a brokerage commission will not be charged, however if a brokerage commission will be charged if you sell shares through a representative. You can find Fidelity’s full commission and fee schedule in the customer agreement as well as online at Fidelity.com.
Is there a chance the link takes us to different document depending on cookies or something? :confused

Is there a difference between "Reserved Share Program" and "directed share program" perhaps?
There is also this, from the S-1 filed with the SEC yesterday, emphasis mine:
Shares sold through the reserved share program will not be subject to lock-up restrictions
So when will you sell if you participate?

This thread is making me want to participate at least to some degree whereas before I would have avoided as it is an individual stock and I otherwise hold none. Still not sure what I’ll do. I do enjoy the Doximity Dialer and hipaa compliant fax (the latter mostly for personal use + occasional patient care). FWIW, I think the ads after each call have made the dialer a bit more annoying than it used to be, although not so much that I would stop using it.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

need403bhelp wrote: Wed Jun 16, 2021 6:03 pm
neurosphere wrote: Wed Jun 16, 2021 7:13 am
So when will you sell if you participate?

This thread is making me want to participate at least to some degree whereas before I would have avoided as it is an individual stock and I otherwise hold none. Still not sure what I’ll do. I do enjoy the Doximity Dialer and hipaa compliant fax (the latter mostly for personal use + occasional patient care). FWIW, I think the ads after each call have made the dialer a bit more annoying than it used to be, although not so much that I would stop using it.
Wait, the dialer has ads? Hmm, haven't experienced that. That is REALLY annoying. You know, rather than using a dialer, I guess I could simply get a google voice number and use it only for making calls and disable voicemail. That's really all that I need.

You asked when will I sell? I HAVE NO IDEA!!! :oops: No criteria, no plan, "I'll know it when I see it". Just like everyone else who invests in individual stocks, lol.

Preliminarily, I tell myself that if/when there is some gain of 25% or more, I'll sell half my shares and just keep the rest as an experiment. If there is a loss quickly (first month?) I'll just sell and lesson learned. But who the heck knows what I'll do when the time actually comes? THAT'S the problem with buying individual stocks. I have no illusions whatever that this is an "investment". My $5000 could certainly be better off staying in my "cash" allocation of my portfolio. Let's face it, for this company a $5000 investment is not going to $100,000 anytime soon. It's just not that kind of company. But BITCOIN on the other hand... :twisted:
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Wrench »

Tingting1013 wrote: Mon Jun 07, 2021 8:41 pm Most IPOs are intentionally underpriced so that there is a opening day pop, rewarding the institutional investors who bought shares at the offering price.

https://www.bloomberg.com/view/articles ... he-ipo-pop

I would take them at their word that they want to reward the users who made their business possible. After all, for their business model to work they need to keep the users happy. Intentionally screwing MDs with a bad stock is not in their interest.

Looks like they are reserving 15% of the offering for users.

https://www.medpagetoday.com/special-re ... ives/92891

15% of $100M offering divided by $5k max allocation equals 3,000 MDs who could be allocated shares.

If I were you I would subscribe, with the understanding that you would likely have the opportunity to flip for a profit on the opening day.
I am not sure you would be able to flip on opening day. I once purchased an IPO in my brother's company as part of a "friends and family" offering to employees. We could not sell for 6 months after the IPO (nor could the employees). Stock open high and tripled in price. On the 6 month anniversary, the stock was at at or near the opening price. (This is VERY common in IPOs when the mandatory hold period ends, the stock price drops). I held on. Three years later I sold for nearly a complete loss, although at least my wife and I were able to go out to a nice dinner on the proceeds. :happy My brother joked that all his "friends and family" had become "enemies and outlaws".

Moral of the story: If you do accept the offer, make sure you understand the terms of when and how you can sell.

Wrench
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by withrye »

Wrench wrote: Wed Jun 16, 2021 7:02 pm
Tingting1013 wrote: Mon Jun 07, 2021 8:41 pm Most IPOs are intentionally underpriced so that there is a opening day pop, rewarding the institutional investors who bought shares at the offering price.

https://www.bloomberg.com/view/articles ... he-ipo-pop

I would take them at their word that they want to reward the users who made their business possible. After all, for their business model to work they need to keep the users happy. Intentionally screwing MDs with a bad stock is not in their interest.

Looks like they are reserving 15% of the offering for users.

https://www.medpagetoday.com/special-re ... ives/92891

15% of $100M offering divided by $5k max allocation equals 3,000 MDs who could be allocated shares.

If I were you I would subscribe, with the understanding that you would likely have the opportunity to flip for a profit on the opening day.
I am not sure you would be able to flip on opening day. I once purchased an IPO in my brother's company as part of a "friends and family" offering to employees. We could not sell for 6 months after the IPO (nor could the employees). Stock open high and tripled in price. On the 6 month anniversary, the stock was at at or near the opening price. (This is VERY common in IPOs when the mandatory hold period ends, the stock price drops). I held on. Three years later I sold for nearly a complete loss, although at least my wife and I were able to go out to a nice dinner on the proceeds. :happy My brother joked that all his "friends and family" had become "enemies and outlaws".

Moral of the story: If you do accept the offer, make sure you understand the terms of when and how you can sell.

Wrench
There is some confusion upthread regarding the lockup period, if any. All the documentation I have seen (primary the FAQ linked through my personal email) says there is no lockup period. I am waiting for the prelim prospectus to be loaded into the website portal to confirm; if I get impatient I will give their Reserve Share Program hotline a call.

For what it's worth, I was also considering something similar to neurosphere's plan for selling. If there is some nice lift to the stock price on day 1 I'll sell a good chunk of things to enjoy my (small) good fortune, and keep the rest until I get bored of tracking an individual stock holding.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by ram »

I have participated in multiple IPOs and overall have made money. But certainly some investments resulted in major losses. One was a 100% loss. But different circumstances, different country and this was in the 1990's. I have not invested in any IPO since at least 2000.

At that time in many cases the government was privatizing large profit making government companies by selling stock to the public. A government official /panel decided the cost of the IPO and the general belief was that it was conservatively priced.

Investors were classified as :
Small, medium, large, very large depending on how much shares they applied for.
Most IPOs were over subscribed.

Lets say a given offer was oversubscribed 10 times. ( i.e. On average everybody got 10% of shares applied for.)

But a government panel influenced the ratio of allocation. ( As an example) The small investor got 1:2 (50%) allocation, the medium 1:4, the large 1:8 and the very large (usually institutional) got 1:12 or whatever remained but evidently less than 1:10

To ensure that people did not apply for more shares than what they wanted about 20 to 50% of the share price for the shares applied for had to be paid at the time of application. The balance had to be paid after allocation. For massively oversubscribed issues you actually got a refund of part of your application money.

The small/medium investor could sell immediately. The large investor had to hold for at least 6 months. The ability to make money on day 1 was directly proportional to the extent of the over subscription. (and only the smaller investor had this opportunity)

This is before the internet so the whole process took a few weeks and your application money was tied up without any interest on it.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

withrye wrote: Wed Jun 16, 2021 7:45 pm
There is some confusion upthread regarding the lockup period, if any. All the documentation I have seen (primary the FAQ linked through my personal email) says there is no lockup period. I am waiting for the prelim prospectus to be loaded into the website portal to confirm; if I get impatient I will give their Reserve Share Program hotline a call.
This post upthread has a link to the prospectus and quotes which confirms no lock-up: viewtopic.php?p=6068938#p6068938
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by tigerdoc93 »

aristotelian wrote: Tue Jun 15, 2021 12:45 pm
tigerdoc93 wrote: Mon Jun 07, 2021 8:55 pm I’m going to participate mostly out of curiosity but also to learn more about the IPO process.
So making money has nothing to do with it?
🤔 Making money is implicit in all types of investing. Otherwise what’s the point?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by need403bhelp »

neurosphere wrote: Wed Jun 16, 2021 6:30 pm
need403bhelp wrote: Wed Jun 16, 2021 6:03 pm
neurosphere wrote: Wed Jun 16, 2021 7:13 am
So when will you sell if you participate?

This thread is making me want to participate at least to some degree whereas before I would have avoided as it is an individual stock and I otherwise hold none. Still not sure what I’ll do. I do enjoy the Doximity Dialer and hipaa compliant fax (the latter mostly for personal use + occasional patient care). FWIW, I think the ads after each call have made the dialer a bit more annoying than it used to be, although not so much that I would stop using it.
Wait, the dialer has ads? Hmm, haven't experienced that. That is REALLY annoying. You know, rather than using a dialer, I guess I could simply get a google voice number and use it only for making calls and disable voicemail. That's really all that I need.

You asked when will I sell? I HAVE NO IDEA!!! :oops: No criteria, no plan, "I'll know it when I see it". Just like everyone else who invests in individual stocks, lol.

Preliminarily, I tell myself that if/when there is some gain of 25% or more, I'll sell half my shares and just keep the rest as an experiment. If there is a loss quickly (first month?) I'll just sell and lesson learned. But who the heck knows what I'll do when the time actually comes? THAT'S the problem with buying individual stocks. I have no illusions whatever that this is an "investment". My $5000 could certainly be better off staying in my "cash" allocation of my portfolio. Let's face it, for this company a $5000 investment is not going to $100,000 anytime soon. It's just not that kind of company. But BITCOIN on the other hand... :twisted:
FWIW, the ads are little popups on the bottom of the screen after you finish the phone call, so you may not even notice. They are not intrusive, but definitely weren't there before COVID either (I think they added them when they expanded to office staff, etc. during pandemic).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

well, I'm in for a handful of shares at $26/share. I'm not sure if I'm guaranteed to get all the shares I requested or if I may still get less. People have until midnight to confirm their participation and total number of desired shares.

To show how ignorant I am, yet also illustrate one of the reasons I'm participating, I have a question. They had initially predicted a range of $20-$23 for the share price. What's the significance of the higher initial offering? I suspect increased demand?

From my perspective, I also suspect this is neither good nor bad. It means the initial valuation of the company (at the IPO stage) is higher than otherwise but really says nothing about whether the "actual" valuation is better/worse than $26/share. From a long term perspective, it doesn't really mean anything. For existing owners of the company, I guess it's great (assuming they can sell, but they may be restricted from selling immediately). For short-term speculators (like me, I guess) it doesn't really say much about where the shares may go in, say, 1-5 weeks after shares are available to be sold on the NYSE.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Tingting1013 »

neurosphere wrote: Wed Jun 23, 2021 5:54 pm well, I'm in for a handful of shares at $26/share. I'm not sure if I'm guaranteed to get all the shares I requested or if I may still get less. People have until midnight to confirm their participation and total number of desired shares.

To show how ignorant I am, yet also illustrate one of the reasons I'm participating, I have a question. They had initially predicted a range of $20-$23 for the share price. What's the significance of the higher initial offering? I suspect increased demand?

From my perspective, I also suspect this is neither good nor bad. It means the initial valuation of the company (at the IPO stage) is higher than otherwise but really says nothing about whether the "actual" valuation is better/worse than $26/share. From a long term perspective, it doesn't really mean anything. For existing owners of the company, I guess it's great (assuming they can sell, but they may be restricted from selling immediately). For short-term speculators (like me, I guess) it doesn't really say much about where the shares may go in, say, 1-5 weeks after shares are available to be sold on the NYSE.
If they initially indicated $20-23 but final pricing is $26, that absolutely means there is higher than expected demand and bodes well for a first day pop.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by O_Q »

Per this website it looks like of the last 100 IPOs a little over half offer a return. 75th percentile outcome looks like it would be a 30% return. (https://www.iposcoop.com/last-100-ipos/)

If you're going to put in 6,500, with a 30% return that's $1950. Minus Uncle Sam's 35% cut for short term capital gains makes it a $1300 return. But that's assuming a 75th percentile outcome. Numbers carry too much risk for a small return. Would make more sense if you believed in the product enough to hold long term or use a tax-deferred account.

I'd imagine as a physician there are safer ways for you to earn $1000.
Last edited by O_Q on Wed Jun 23, 2021 7:17 pm, edited 1 time in total.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Tingting1013 »

O_Q wrote: Wed Jun 23, 2021 7:16 pm Per this website it looks like of the last 100 IPOs a little over half offer a return. 75th percentile outcome looks like it would be a 30% return. (https://www.iposcoop.com/last-100-ipos/)

If you're going to put in 6,500, with a 30% return that's $1950. Minus Uncle Sam's 35% cut for short term capital gains makes it a $1300 return. But that's assuming a 75th percentile outcome. Numbers carry too much risk for a small return. Would make more sense if you believed in the product enough to hold long term or use a tax-deferred account.

I'd imagine as a physician there are safer ways for you to earn $1000.
This is lazy analysis.

What are the first day returns of companies that IPO’d with comparable growth rates as Doximity? Net expansion rates? over-indication pricing?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

O_Q wrote: Wed Jun 23, 2021 7:16 pm I'd imagine as a physician there are safer ways for you to earn $1000.
Perhaps. But I work with full-time physicians in a VHCOL area who have a salary of $120,000. $1000 is a not-insignificant increase. :)
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by PandaMedic »

neurosphere wrote: Wed Jun 23, 2021 8:10 pm
O_Q wrote: Wed Jun 23, 2021 7:16 pm I'd imagine as a physician there are safer ways for you to earn $1000.
Perhaps. But I work with full-time physicians in a VHCOL area who have a salary of $120,000. $1000 is a not-insignificant increase. :)
What in the world?!?! Are these full time physicians? How can you justify living in a VHCOL and make $120k? I feel even outpatient peds (where the patients are easy to care for and the hours have you in your own bed every night) can easily make double that!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by PandaMedic »

Any estimates on when trading will start? I got my full allocation! :)

Bonus question: any guesses as to what price trading will start at?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by MedSaver »

I got full allocation as well (I wonder how many of us actually signed up). No idea when it will start trading.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by withrye »

It started trading a little while ago. I got out entirely somewhere north of 65%. It was an interesting exercise (and in my Roth account a paperwork-free one), but confirmed that this kind of financial activity is not for me. Back into index funds for me.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by reddityeah »

If I used electronic transfer to pay for the shares this morning, am I able to sell today?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by MedSaver »

reddityeah wrote: Thu Jun 24, 2021 12:55 pm If I used electronic transfer to pay for the shares this morning, am I able to sell today?
Not sure since even though Fidelity says “payment cleared” the money is still sitting at the original bank. I’m going long to avoid short term cap gains tax. Wish me luck.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Tingting1013 »

DOCS opened at $41 and now at $46.

Congrats to all who bought in at $26.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by tigerdoc93 »

So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Tingting1013 »

tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
Recouping your investment would be more like 135% gain because you would need to pay STCG.

But congratulations nonetheless. It’s clear to those of us in the industry just how good an opportunity this was.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by White Coat Investor »

tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
Nice. How much did they let you buy?
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
I'm typically opposed to individual stocks and I don't think this IPO experience changes anything for me. BH are not necessarily risk averse as a group except for pointing out that individual stocks may be an uncompensated risk compared to alternatives. However, an opportunity to participate in an IPO with no lock-up is unique and not necessarily one that "fits" one way or another with the general thoughts/teachings of this board, especially since the opportunity was quite limited in total dollars ($6500 max investment) and no one has yet brought up whether they are going to buy additional post-IPO shares at $46. :D

I bought shares and I just sold 25% of them to take some profits (half will be lost to taxes). I have no idea what I'll do with the remaining shares. I suppose I'll cross my fingers and hope this gain persists long enough for me to take long-term gains rather than short-term ones. Or perhaps I'll instead end up with long-term losses! :confused I doubt DOCS will be the type of company such that if I hold for decades it will have outperformed stocks on average (from this point on, not as compared to the IPO price). The rational thing to do is sell it all, take the gain and move on. The market has decided the shares are worth $46 today. I'm not smarter than the market when trying to determine what the shares will be tomorrow or 30 years from now. :wink:
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

White Coat Investor wrote: Thu Jun 24, 2021 2:52 pm Nice. How much did they let you buy?
250 shares was the max. $6500 total at the IPO price.

Actually, I assume it was the max for all. But maybe not. Did others have a different maximum they could purchase?
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by MedSaver »

neurosphere wrote: Thu Jun 24, 2021 3:01 pm
White Coat Investor wrote: Thu Jun 24, 2021 2:52 pm Nice. How much did they let you buy?
250 shares was the max. $6500 total at the IPO price.

Actually, I assume it was the max for all. But maybe not. Did others have a different maximum they could purchase?
Allegedly 250 was the max. But there’s a YouTuber (I think it’s Money Med School) where she was surprised to see her max limit was 1000 shares. I think she ended up buying 250.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by an_asker »

neurosphere wrote: Wed Jun 23, 2021 8:10 pm
O_Q wrote: Wed Jun 23, 2021 7:16 pm I'd imagine as a physician there are safer ways for you to earn $1000.
Perhaps. But I work with full-time physicians in a VHCOL area who have a salary of $120,000. $1000 is a not-insignificant increase. :)
Seriously? Full-time physicians in a WHCOL area have a salary of $120,000. Seriously??!! :oops:

Is this a small portion of the total remuneration (aka tip of the iceberg) where half of the salary is paid in retirement contributions or something? I just cannot believe full-time doctors making $120,000 TOTAL annual income anywhere in the USA, let alone the VHCOL!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Oenophileangler »

tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
I purchased AAPL between 10 and 15 years ago (pre 7:1 and 4:1 splits) when it was $94 per share. When it got to $188, I sold 1/2 of my shares. I regret doing so, since it could have financed my daughter's entire medical school cost. But that's pure behavior. I still have a substantial amount of AAPL (with practically zero cost basis), which will likely be inherited by my kids. AAPL was then, and still was until today, my only individual stock purchase. I like diversification.
neurosphere wrote: Thu Jun 24, 2021 3:01 pm
White Coat Investor wrote: Thu Jun 24, 2021 2:52 pm Nice. How much did they let you buy?
250 shares was the max. $6500 total at the IPO price.

Actually, I assume it was the max for all. But maybe not. Did others have a different maximum they could purchase?
I also was offered 250 of DOCS, but only purchased 100. I have no end game for this purchase.

It closed at $53 today, for a greater than 100% gain.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by tigerdoc93 »

White Coat Investor wrote: Thu Jun 24, 2021 2:52 pm
tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
Nice. How much did they let you buy?
250 shares at $26. Sold 1/2 @ $52. Also no capital gains due to tax loss harvesting.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by White Coat Investor »

tigerdoc93 wrote: Thu Jun 24, 2021 4:10 pm
White Coat Investor wrote: Thu Jun 24, 2021 2:52 pm
tigerdoc93 wrote: Thu Jun 24, 2021 2:48 pm So far the Doximity IPO has produced an 83% gain for those of us that bought in to the offering. I'm happy so far and plan to sell half to recoup my investment if it makes it to 100% gain ($52). Then I'll let the rest ride and follow along. Sometimes this forum seems so risk averse that people miss out on good opportunities. Bogleheads definitely helped me get my investing portfolio optimized but in this bull market I find myself straying from the conservative principles promoted on this site. Nothing crazy but I do have several individual stocks and now I've participated in an IPO. Who knows I may sell my index funds and go 100% individual stocks. Just kidding. I'm actually only 50% stocks at this time. YOLO.
Nice. How much did they let you buy?
250 shares at $26. Sold 1/2 @ $52. Also no capital gains due to tax loss harvesting.
Glad it worked out great for you (and others). I thought it was a great marketing move by Doximity. Certainly has lots of people talking about them.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by tigerdoc93 »

Definitely great marketing move. I think the valuation is stretched and it will likely give back some of the gains. But who knows!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

an_asker wrote: Thu Jun 24, 2021 3:24 pm
neurosphere wrote: Wed Jun 23, 2021 8:10 pm
O_Q wrote: Wed Jun 23, 2021 7:16 pm I'd imagine as a physician there are safer ways for you to earn $1000.
Perhaps. But I work with full-time physicians in a VHCOL area who have a salary of $120,000. $1000 is a not-insignificant increase. :)
Seriously? Full-time physicians in a WHCOL area have a salary of $120,000. Seriously??!! :oops:

Is this a small portion of the total remuneration (aka tip of the iceberg) where half of the salary is paid in retirement contributions or something? I just cannot believe full-time doctors making $120,000 TOTAL annual income anywhere in the USA, let alone the VHCOL!
This is a topic for another thread, but I'll give my own data point. After being on faculty for 3 years, I went back and did another one year fellowship. Afterwards, I was offered $165,000 at one particular university job in NYC. This was less than 5 years ago. 401k contribution amounted to roughly 10% of salary and there was no other incentive or productivity bonus or other payments. Keep in mind this is now 4 years after completing my first fellowship. I.e. not my first "real" job. I declined and took a job in another state for a while before coming back to NYC. But absolutely, I know three full time MDs living in NYC within the last three years who had a salary of $120,000. This is for an academic medical center, and there was roughly a 50/50 split between clinical time and research. Why should the college pay any more, as long as there are people willing to take the job?

About 10 years ago I knew several with salaries under $100,000! We'd joke that the salary was essentially just a continuation of the house-staff salary scale, e.g. "PGY-5" after completing a 4 year residency and joining the faculty. NYC salaries are among the lowest in the country, with obvious exceptions. Boston and Philly salaries are nearly identical but when factoring in taxes and COL, NYC comes out at the bottom in terms of standard of living. Now, I'm basing my data on numbers 100% known to me (e.g. taxes I've either personally prepared or reviewed), and my overall sample size is small (a few hundred individuals over 5-8 years), and of course I'm providing the lowest salaries or perhaps the outliers. But in this world are full time physicians working in NYC 1-4 years out of residency or fellowship willing to take a job at $120,000 and definitely there are a huge percentage that make less than $175,000 (looking at you, general pediatrics lol).

So this all goes back to the comment that a quick $1000 profit in DOCS is nothing to sneeze at for some "docs". :D
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by withrye »

neurosphere wrote: Thu Jun 24, 2021 5:04 pm
an_asker wrote: Thu Jun 24, 2021 3:24 pm
neurosphere wrote: Wed Jun 23, 2021 8:10 pm
O_Q wrote: Wed Jun 23, 2021 7:16 pm I'd imagine as a physician there are safer ways for you to earn $1000.
Perhaps. But I work with full-time physicians in a VHCOL area who have a salary of $120,000. $1000 is a not-insignificant increase. :)
Seriously? Full-time physicians in a WHCOL area have a salary of $120,000. Seriously??!! :oops:

Is this a small portion of the total remuneration (aka tip of the iceberg) where half of the salary is paid in retirement contributions or something? I just cannot believe full-time doctors making $120,000 TOTAL annual income anywhere in the USA, let alone the VHCOL!
This is a topic for another thread, but I'll give my own data point. After being on faculty for 3 years, I went back and did another one year fellowship. Afterwards, I was offered $165,000 at one particular university job in NYC. This was less than 5 years ago. 401k contribution amounted to roughly 10% of salary and there was no other incentive or productivity bonus or other payments. Keep in mind this is now 4 years after completing my first fellowship. I.e. not my first "real" job. I declined and took a job in another state for a while before coming back to NYC. But absolutely, I know three full time MDs living in NYC within the last three years who had a salary of $120,000. This is for an academic medical center, and there was roughly a 50/50 split between clinical time and research. Why should the college pay any more, as long as there are people willing to take the job?

About 10 years ago I knew several with salaries under $100,000! We'd joke that the salary was essentially just a continuation of the house-staff salary scale, e.g. "PGY-5" after completing a 4 year residency and joining the faculty. NYC salaries are among the lowest in the country, with obvious exceptions. Boston and Philly salaries are nearly identical but when factoring in taxes and COL, NYC comes out at the bottom in terms of standard of living. Now, I'm basing my data on numbers 100% known to me (e.g. taxes I've either personally prepared or reviewed), and my overall sample size is small (a few hundred individuals over 5-8 years), and of course I'm providing the lowest salaries or perhaps the outliers. But in this world are full time physicians working in NYC 1-4 years out of residency or fellowship willing to take a job at $120,000 and definitely there are a huge percentage that make less than $175,000 (looking at you, general pediatrics lol).

So this all goes back to the comment that a quick $1000 profit in DOCS is nothing to sneeze at for some "docs". :D
Holy smokes, this is eye opening. At those salaries I'd rather have taken much less debt and gone to PA school. I am feeling even luckier than usual to have the job I have with the remuneration my employer has offered. Thanks for sharing the perspective!

On a separate, on topic, note: seems I could've made a little extra scratch by holding out to the end of the trading day, but I'm fairly confident that if I saw a 100% gain on the table I would wait it out another day, then another day, then...

Happy to have this experience in the rear view mirror. I will check in on DOCS every now and again out of curiosity but glad to no longer have skin in the game.
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by neurosphere »

withrye wrote: Thu Jun 24, 2021 5:17 pm On a separate, on topic, note: seems I could've made a little extra scratch by holding out to the end of the trading day, but I'm fairly confident that if I saw a 100% gain on the table I would wait it out another day, then another day, then...
On that note, I see "After hours" quotes at Fidelity. $53. Where can I learn about trading when the market is closed?!? Why wait until 9:30 ET?! :wink:

Edit to add: I see after-hours trading can be limited by the brokerage "Fidelity accepts premarket orders from 7:00 - 9:28 a.m. ET, and after hours orders from 4:00 - 8:00 p.m. ET". Some allow 24 hour trading it looks like. I suspect there are liquidity issues with after hours trading, probably huge bid-ask spreads, etc. Genuinely curious though. Are there perhaps extra fees/commissions for trading after hours? Can I put in limit orders or similar to prevent getting a horrible trade? I've very glad to say I've never had to think about these things, and I've already learned a lot from this experiment with owning an individual stock in the "online era". On the other hand, I don't think learning how after-market trades work is going to improve my investment strategy/outcomes, lol!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by tigerdoc93 »

I haven’t called Fidelity regarding after hours trading but I suspect the process simply entails you calling and requesting for them to add after hours trading to your account. I doubt this involves any fees. Probably they just want to document that they informed you that after hours trading is inherently more risky. :sharebeer :sharebeer
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by Tingting1013 »

A nice article about Doximity and profile of the founder:

https://apple.news/AaXklzigMTkuWx9n98hWrdQ
Some of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity's stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.

"Physicians are sort of outsiders in the financial markets and business world," Tangney said. "Yet in our life and world they're the insiders, they're the people we care about most. We'd rather the shares go to them if there's a pop than to some hedge fund somewhere."
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by todaysBob »

I had invested $11k in Doximity in 2019 through EquityZen and at today's closing price it has become $170k :shock:

It is locked for 6 months, so here is to wishing stock stays strong till year end!
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Re: I'm being "invited" to "pre-register" for an IPO (Doximity)

Post by PandaMedic »

I ended up selling the first day. When it doubled, I decided not to get greedy and cash out. It's a solid company that is already profitable so I think I'll wait another month or so for the price to stabilize and then buy back in if the valuation still makes sense. Right now, there are still close to 10% intraday swings some days so I think the price is still trying to find a good place to settle at.
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