Protocol / 05
IPO and Pre-IPO model
These offerings provide structured economic exposure through a fund, SPV or issuer. A token is not automatically direct equity in the target company.
Offering terms
Operator disclosed Valuation, price, fees, eligibility and legal vehicle are published.
Wallet commitment
Eligible users commit stablecoins under campaign and final subscription documents.
Allocation
Economic interests are represented by campaign tokens; refund rules are offering-specific.
Trading and settlement
Transferability, lock-up, liquidity, IPO timing and settlement form remain product-specific.
Rights limitation. Unless definitive documents say otherwise, campaign tokens grant no direct target-company ownership, voting, information, dividend, guaranteed-liquidity or guaranteed-redemption rights.
Fee evidence
The Arbitrum AssetType.IPO fee was 18% on 2026-07-22. Campaign fees may differ and are not described as enforced by that generic setting without transaction evidence.