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The Exchange
The exchange opens the moment the first IBO closes and allocations are disbursed. From then on you can list and sell your shares any time, with no lock-up.
Shares trade without anyone touching the physical product — the box stays sealed in the vault while ownership moves on the exchange.
Sealed order matching
Orders are matched in a dark pool: when you place a maker order, other traders see that interest exists without seeing your price. Orders clear at a uniform price when a batch settles, so no one is picked off for showing their hand early.
- Maker orders rest in the book and set the price others can trade against.
- Takers match against resting interest at the cleared batch price.
Until the first IBO closes, trading is not yet live — every exchange surface is framed as "opens at IBO close."