Subscriptions

The subscription service provides three endpoints allows Partners to:

• Retrieve details for all subscriptions
• Retrieve details for a specific subscription
• Create new subscriptions for an offer that is open

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Cash or volume

A subscription request only contains the cash subscription amount, and not the price or number of shares. The number of shares is calculated once the price and allocation are known.

Where the price is known at subscription (priceType is fixed), the client may wish to calculate the subscription amount in order to ring-fence the whole share amount that PrimaryBid will calculate.

Where the price is unknown, it's recommended to ring-fence and send the full subscription amount supplied by the investor so that they'll receive the maximum number of shares for the subscription amount.

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Multiple subscriptions

An investor can subscribe multiple times within any limit imposed by the issuer. Limits may be applied to the aggregated amount for the offer.

Hard limits, if configured on Offer, will be applied during the allocation process. Therefore, the effect of limits and/or allocation scaleback won't be immediately obvious following a Subscription request. API clients should periodically pool GET/allocations to discover the result of the Subscription.

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Pooled orders

The PrimaryBid Connect API doesn't support pooled or aggregated orders. Each subscription should indicate a confirmed request to participate by an individual investor.

For community offers, membership validation is highly subjective to the data provided by the issuer. The validation status of the membership code is part of the HTTP response body for submitted subscriptions. When a value for the membershipCode field is required for a community offer but not provided in the subscription, the request will return a 400 response:

 {
    "status": 400,
    "errors": [
      {
        "property": "membershipCode",
        "messages": [
        "Membership code is required for offer"
        ]
      }
    ],
    "message": "Bad Request"
  }

When PrimaryBid cannot validate the membership code, the membershipStatus field will have the value “unverified”. In this case, there’s a risk that the subscription could get rejected at allocation.