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Terms of Service
Terms of Service
1. About these Terms
These Terms of Service ("Terms") set out the contractual basis on which IPOFX LLC, a limited liability company incorporated in the State of Delaware, United States ("IPOFX", "we", "us" or "our"), provides access to pre-initial public offering ("Pre-IPO") allocations and main market initial public offering ("IPO") opportunities (the "Service") to private investors ("you" or the "Investor"). IPOFX LLC is not itself a licensed or regulated entity. Broker execution and dealing services in respect of allocations facilitated through the Service are provided by ACEX Global Limited, a private company incorporated in the Republic of Mauritius (Company No. C227611), which is licensed and regulated by the Financial Services Commission, Mauritius ("FSC") as an Investment Dealer (Full Service Dealer, Excluding Underwriting) under Licence No. GB25204622.
The Service is an over-the-counter ("OTC") placement and secondary-market facilitation service. By registering for an account, signing an Allocation Agreement, or otherwise accessing the Service, you confirm that you have read, understood and agreed to be bound by these Terms.
These Terms should be read together with our Privacy Policy, any Allocation Agreement, Subscription Document, Risk Disclosure, and Deal Summary applicable to a specific transaction (together, the "Investor Documents"). In the event of inconsistency, the Investor Documents specific to a particular allocation prevail over these Terms in respect of that allocation only.
2. Eligibility and investor classification
The Service is made available exclusively to sophisticated investors, high-net-worth individuals, professional investors and elective professional clients, in each case as defined under applicable law. The Service is not intended for, marketed to, or available to retail investors.
You may only access the Service if you:
- are at least 18 years of age and have full legal capacity to enter into binding contracts in your jurisdiction;
- qualify as a sophisticated or high-net-worth investor and have completed the applicable self-certification or appropriateness assessment;
- are not resident in, or accessing the Service from, a jurisdiction in which the offer or purchase of the relevant securities is prohibited or would require additional registration, licensing or filings by IPOFX;
- are not subject to any sanctions administered by the United Nations, the United States Office of Foreign Assets Control, the United Kingdom, the European Union, or any other applicable authority;
- have successfully completed our onboarding, identity verification, source-of-funds and source-of-wealth checks.
We reserve the absolute right to decline, suspend or terminate any registration or transaction without providing reasons, and to recategorise an Investor at any time where circumstances reasonably warrant.
3. Nature of the Service
IPOFX facilitates the allocation, purchase, holding and onward sale of equity interests in privately held companies anticipating a public listing, and of equity interests issued at the point of a main market initial public offering. Transactions are executed on an OTC basis and are typically fulfilled manually, including, where appropriate, by electronic signature via DocuSign or equivalent execution platforms.
The Service may include:
- access to Pre-IPO allocations in companies targeting a main market listing;
- participation in main market IPO allocations sourced through our placement network;
- buy-side and sell-side facilitation on listed and pre-listed private equity positions held by Investors;
- a buyback facility whereby IPOFX may, at its sole discretion, repurchase listed allocations from Investors at the prevailing market price at any time during the post-listing lock-up period; and
- access to deal information, company profiles, indicative valuations and other materials made available on the IPOFX platform.
Nothing in these Terms or on the IPOFX platform constitutes an offer, solicitation, advice or recommendation to subscribe for, buy or sell any security. All allocations are subject to availability, the terms of the relevant Investor Documents, and final confirmation by IPOFX.
4. No advice, no financial promotion
IPOFX does not provide investment advice, tax advice, legal advice, accounting advice or personal recommendations. Materials provided through the Service are made available for information purposes only and on a non-reliance basis. You should obtain independent professional advice before making any investment decision.
Communications issued through the Service are directed only at persons who meet the eligibility criteria set out in clause 2 and are not intended to constitute a financial promotion to the general public in any jurisdiction. You agree not to forward, share, publish or otherwise disclose any materials received through the Service to any person who does not meet those eligibility criteria.
5. Onboarding, KYC and AML
Before any allocation is confirmed, you must complete our onboarding process, which includes know-your-customer ("KYC"), anti-money-laundering ("AML"), counter-terrorist-financing ("CTF"), sanctions, politically exposed person ("PEP") and adverse-media screening. You must, on request, provide evidence of identity, residential address, source of funds and source of wealth, and any further information we reasonably require to discharge our regulatory and contractual obligations.
You warrant that all information provided is true, accurate, complete and not misleading, and you undertake to notify us promptly of any change. We may, at our sole discretion, refuse to onboard, suspend, restrict or terminate access where we are unable to satisfy ourselves as to any matter relevant to onboarding or ongoing monitoring.
6. Allocation process and settlement
Indicative interest in an allocation may be expressed via the platform, by email or by any other channel notified by IPOFX. Indicative interest is non-binding until both parties have signed a binding Allocation Agreement or Subscription Document and cleared funds have been received in the designated account.
Allocations are subject to scale-back, withdrawal, deferral or cancellation, including where the issuer, underwriter or any other party with relevant control elects to do so. Where an allocation is reduced or cancelled, any subscription monies received will be returned without interest, less any costs reasonably incurred.
Settlement, transfer of legal or beneficial title, and any subsequent custody arrangements are effected in accordance with the Investor Documents applicable to the specific allocation. You acknowledge that holdings may, where market practice or issuer requirements so dictate, be held through a nominee, custodian or special-purpose vehicle.
7. Fees, costs and charges
Fees, commissions, structuring charges and any other costs payable in respect of an allocation will be disclosed in the relevant Deal Summary or Allocation Agreement prior to execution. Unless otherwise stated, fees are stated exclusive of any applicable taxes, duties or levies, which are payable in addition by the Investor.
We may from time to time amend our fee structure for new allocations on prior notice. Changes will not apply retrospectively to allocations already confirmed.
8. Lock-up, transfer restrictions and buyback
Allocations are typically subject to contractual lock-up periods, transfer restrictions, drag-along, tag-along and other shareholder undertakings, the specifics of which are set out in the applicable Investor Documents. You agree to comply with all such restrictions.
During the lock-up period applicable to a listed company, IPOFX may, at its sole discretion, offer to repurchase your allocation at the prevailing market price. Any such buyback shall constitute a private OTC transaction between you and IPOFX and shall be subject to the satisfactory completion of any settlement, regulatory and AML requirements.
9. Risk acknowledgement
Pre-IPO and IPO investments carry significant risk, including the risk of total loss. There is no certainty that any contemplated public listing will occur, that it will occur on any indicative timetable, or that any indicative valuation, price or return will be achieved. Investments are illiquid, may be subject to extended lock-up periods, and may not be readily transferable. Past performance is not a reliable indicator of future results.
You confirm that you understand these risks, are able to bear the economic consequences of an investment (including total loss), and are not relying on IPOFX or any of its affiliates for an assessment of suitability.
10. Confidentiality
All non-public information made available through the Service, including deal terms, valuations, financial information, issuer materials and the identity of co-investors, is strictly confidential. You may not disclose such information to any third party except (i) to your professional advisers under a duty of confidence, (ii) as required by law or competent regulatory authority, or (iii) with our prior written consent. The obligations in this clause survive termination of these Terms.
11. Conflicts of interest
IPOFX, ACEX Global Limited and their respective affiliates, officers, employees and agents may from time to time hold positions in, transact in, or have economic interests aligned with the issuers offered through the Service. We maintain reasonable arrangements to identify and manage conflicts of interest. By accessing the Service, you consent to us acting notwithstanding any such interest, provided we act in accordance with applicable law.
12. Platform use and intellectual property
All content on the IPOFX platform, including text, graphics, data, deal materials, software and trade marks, is owned by or licensed to IPOFX and is protected by applicable intellectual property laws. You are granted a limited, revocable, non-exclusive, non-transferable licence to access and use the platform solely for the purpose of using the Service in accordance with these Terms.
You shall not (i) copy, modify, reverse-engineer, decompile, frame, scrape, mirror or create derivative works of any part of the platform; (ii) use the Service in a manner that may impair its operation or compromise its security; or (iii) use any automated means to access the Service without our prior written consent.
13. Limitation of liability
Nothing in these Terms limits or excludes any liability that cannot lawfully be limited or excluded, including liability for fraud or fraudulent misrepresentation.
Subject to the foregoing, IPOFX shall not be liable for: (i) any indirect, consequential, special, punitive or exemplary loss; (ii) any loss of profit, revenue, opportunity, anticipated savings, business, goodwill or reputation; (iii) any loss arising from market movements, the conduct of issuers or other third parties, or the non-completion of any contemplated listing; or (iv) any loss arising from circumstances beyond our reasonable control.
Without prejudice to the foregoing, our aggregate liability in respect of any allocation shall not exceed the fees actually received by IPOFX in respect of that allocation.
14. Term, suspension and termination
These Terms apply from the date you first access the Service and continue until terminated. We may suspend or terminate your access immediately, with or without notice, where: (i) you are in material breach of these Terms or any Investor Document; (ii) we are required to do so by law, regulator or court order; (iii) we have reasonable grounds to suspect financial crime, sanctions exposure or misuse of the Service; or (iv) we cease to offer the Service. Termination does not affect any rights or obligations that have accrued prior to termination, including in respect of any confirmed allocation.
15. Amendments
We may amend these Terms from time to time. Amendments will be notified to you by email or via the platform and will take effect on the date stated in the notice. Continued use of the Service following the effective date constitutes acceptance of the amended Terms. If you do not accept any amendment, you must cease using the Service.
16. Governing law and jurisdiction
These Terms, and any non-contractual obligations arising out of or in connection with them, are governed by the laws of Mauritius. The parties submit to the exclusive jurisdiction of the courts of Mauritius in respect of any dispute arising out of or in connection with these Terms, save that IPOFX may bring proceedings in any other jurisdiction in which you are resident or hold assets where necessary for the protection of its rights.
17. Contact
IPOFX LLC · Broker execution by ACEX Global Limited
Email: enquiries@ipofx.co.uk
Telephone (UK): +44 0800 088 4816
Telephone (US): +1 888 233-9720
Web: www.ipofx.co.uk
© 2026 IPOFX LLC. All rights reserved.
Privacy Policy
Privacy Policy
1. Introduction
This Privacy Policy explains how IPOFX LLC, a Delaware limited liability company ("IPOFX", "we", "us" or "our"), collects, uses, shares and protects your personal data in connection with the IPOFX Pre-IPO and main market IPO allocation service (the "Service"). Broker execution and dealing services in respect of allocations facilitated through the Service are provided by ACEX Global Limited, a private company incorporated in the Republic of Mauritius (Company No. C227611), licensed and regulated by the Financial Services Commission, Mauritius as an Investment Dealer under Licence No. GB25204622.
We are committed to processing your personal data in accordance with the United Kingdom General Data Protection Regulation ("UK GDPR"), the Data Protection Act 2018, and any other applicable data protection laws in the jurisdictions in which we operate.
This Policy should be read alongside our Terms of Service, Allocation Agreements and Risk Disclosures.
2. Controller and contact details
IPOFX LLC is the controller of personal data processed in connection with the Service. Where personal data is processed for the purposes of the regulated brokerage and dealing activities of ACEX Global Limited, ACEX Global Limited may act as joint or separate controller, in each case subject to a written arrangement between the entities.
You can contact our Data Protection point of contact at:
Email: enquiries@ipofx.co.uk
Telephone (UK): +44 0800 088 4816
Telephone (US): +1 888 233-9720
Web: www.ipofx.co.uk
3. The personal data we collect
We collect and process the following categories of personal data:
3.1 Identity and onboarding data
- full legal name, date of birth, place of birth, nationality and any prior names;
- residential and, where relevant, business address and country of tax residence;
- government-issued identity documents (passport, national ID card, driving licence) including document number, image and machine-readable data;
- tax identification numbers, national insurance numbers and equivalent;
- photograph, signature, video selfie and liveness data captured during identity verification.
3.2 Financial, suitability and source-of-wealth data
- investor classification (sophisticated, high-net-worth, professional) and supporting evidence;
- income, assets, net worth, employment, occupation and professional background;
- source of funds and source of wealth, including documentary evidence (e.g. payslips, tax returns, sale agreements, inheritance papers, audited accounts);
- bank account, custody account, wallet and other settlement details;
- investment objectives, risk appetite and prior investment experience.
3.3 KYC, AML and sanctions screening data
- results of identity verification, sanctions screening, politically exposed person ("PEP") screening and adverse media checks;
- beneficial ownership information for any legal entity through which you invest;
- records of risk assessments, ongoing monitoring outputs and any suspicious activity assessments.
3.4 Transaction and allocation data
- details of allocations applied for, confirmed, refused or cancelled, including amounts, prices and counterparties;
- settlement and custody records, lock-up status, transfer history and post-listing activity;
- records of any IPOFX buyback transactions, including price, date and reference to the relevant lock-up.
3.5 Communications and platform data
- correspondence with our team (email, telephone, secure messaging) including any recordings and transcripts;
- electronic signatures and audit trails generated through DocuSign or equivalent platforms;
- platform usage data, including login times, device identifiers, IP address, browser, operating system and pages viewed;
- cookies and similar technologies, as further described in our cookie notice.
4. How we collect personal data
We collect personal data: (i) directly from you, including via our onboarding forms, telephone calls, video conferences and execution of Investor Documents; (ii) from third-party identity verification, screening and credit reference providers; (iii) from issuers, placement agents, custodians and registrars in respect of specific allocations; and (iv) from publicly available sources, including company registries, regulator registers and reputable adverse-media databases.
5. Purposes and lawful bases for processing
We rely on the following lawful bases under the UK GDPR:
5.1 Performance of a contract
To onboard you, administer your account, process allocations, effect settlement, manage lock-ups and buyback offers, provide ongoing investor reporting and otherwise perform our obligations under the Investor Documents.
5.2 Compliance with legal obligations
To comply with our obligations under applicable financial services, anti-money-laundering, counter-terrorist-financing, sanctions, tax (including FATCA and CRS), record-keeping and reporting laws, including those imposed by the Financial Services Commission, Mauritius and equivalent authorities.
5.3 Legitimate interests
To operate, secure and improve the Service, manage risk and fraud, conduct internal analytics, develop new products, manage conflicts of interest, defend legal claims, exercise contractual rights, and contact eligible investors about further opportunities where this does not override your rights and freedoms.
5.4 Consent
Where we rely on consent (for example, certain marketing communications or non-essential cookies), you may withdraw that consent at any time without affecting the lawfulness of processing carried out beforehand.
5.5 Special category and criminal-offence data
To the extent that PEP, adverse media or sanctions screening involves data relating to alleged criminal offences or other special category data, we process such data on the basis of substantial public interest in the prevention and detection of financial crime, in compliance with applicable derogations under the Data Protection Act 2018.
6. Sharing of personal data
We share personal data only where necessary and on the basis of appropriate contractual and security safeguards. Recipients may include:
- ACEX Global Limited and other entities within our corporate group;
- regulated identity verification, KYC, AML, sanctions and PEP screening providers;
- issuers, placement agents, underwriters, custodians, registrars and transfer agents in respect of specific allocations;
- professional advisers, including legal, tax, audit and compliance advisers;
- e-signature and document execution providers, including DocuSign;
- technology service providers, including hosting, communications, security, analytics and customer-relationship-management providers;
- regulators, law-enforcement agencies, tax authorities and courts where required by law;
- any prospective or actual acquirer of all or part of our business, subject to appropriate confidentiality undertakings.
7. International transfers
Because IPOFX LLC is incorporated in the United States, ACEX Global Limited is established in Mauritius, and we use service providers in various jurisdictions, your personal data may be transferred to and processed in countries outside the United Kingdom or your country of residence.
Where we transfer personal data subject to the UK GDPR to a country that is not covered by adequacy regulations, we put in place appropriate safeguards, typically the International Data Transfer Agreement, the UK Addendum to the EU Standard Contractual Clauses, or equivalent mechanisms. You may request a copy of the safeguards used by contacting us at enquiries@ipofx.co.uk.
8. Retention
We retain personal data only for as long as necessary for the purposes set out in this Policy. Typical retention periods are:
- KYC, AML and onboarding records: at least seven (7) years from the end of the business relationship, in line with anti-money-laundering record-keeping obligations;
- transaction and allocation records: at least seven (7) years from the date of the transaction;
- communications with investors: at least five (5) years, longer where required by law or in connection with a legal claim;
- marketing data: until you opt out or your data is no longer necessary for the relevant purpose;
- platform usage and security logs: typically twelve (12) to twenty-four (24) months, longer where required for fraud or security investigations.
Where personal data is no longer required, it is securely deleted or anonymised.
9. Security
We implement technical and organisational measures appropriate to the risk, including encryption in transit and at rest, access controls based on the principle of least privilege, multi-factor authentication for administrative access, segregation of duties, regular vulnerability and penetration testing, supplier due diligence and staff training. Despite our safeguards, no electronic system is entirely secure, and we cannot guarantee absolute security.
10. Your rights
Subject to the conditions and exemptions under applicable law, you have the following rights in respect of your personal data:
- the right to be informed about the processing of your personal data;
- the right to access a copy of your personal data;
- the right to rectify inaccurate or incomplete personal data;
- the right to erasure in certain circumstances;
- the right to restrict processing in certain circumstances;
- the right to data portability for data processed on the basis of consent or contract by automated means;
- the right to object to processing carried out on the basis of legitimate interests or for direct marketing;
- the right not to be subject to a decision based solely on automated processing that produces legal or similarly significant effects;
- the right to withdraw consent where processing is based on consent.
Many of these rights are not absolute. For example, we will typically be unable to erase data that we are required to retain for KYC, AML or other regulatory purposes. To exercise any of these rights, please contact us at enquiries@ipofx.co.uk. We may ask you to verify your identity before responding to your request.
11. Automated decision-making
We do not make decisions producing legal or similarly significant effects based solely on automated processing. Certain elements of our onboarding (such as initial screening against sanctions and PEP lists) are automated, but any decision to refuse, suspend or terminate access is reviewed by a member of our compliance team.
12. Cookies
The IPOFX platform uses cookies and similar technologies to enable core functionality, remember your preferences, secure your session and understand how the platform is used. Non-essential cookies are only set with your consent, which you can manage through the on-platform preferences centre or your browser settings.
13. Children
The Service is not directed at, intended for, or available to persons under the age of 18, and we do not knowingly collect personal data from any such person.
14. Complaints
If you have any concerns about how we handle your personal data, please contact us first at enquiries@ipofx.co.uk so that we can attempt to resolve the matter. You also have the right to lodge a complaint with the relevant supervisory authority, including, in the United Kingdom, the Information Commissioner's Office (www.ico.org.uk), and, in Mauritius, the Data Protection Office with competent jurisdiction.
15. Changes to this Policy
We may update this Policy from time to time. The latest version will be made available on the IPOFX platform with an updated effective date. Material changes will be notified to active Investors by email or via the platform.
16. Contact
IPOFX LLC · Broker execution by ACEX Global Limited
Email: enquiries@ipofx.co.uk
Telephone (UK): +44 0800 088 4816
Telephone (US): +1 888 233-9720
Web: www.ipofx.co.uk
© 2026 IPOFX LLC. All rights reserved.
IPOFX is operated by IPOFX LLC (Delaware) · Broker execution by ACEX Global Limited · FSC Mauritius Investment Dealer.