Countdown to SpaceX's first trade: Here's what to expect

Summary

CNBC's Leslie Picker reports from Morgan Stanley on the final stages of the SpaceX IPO. The deal is five times oversubscribed and retail allocation has been trimmed to about 20% or lower. Morgan Stanley is acting as stabilization agent, managing buy and sell orders to determine an opening price. The first trade is expected after lunchtime due to the lengthy price discovery and syndicate process.

• SpaceX IPO is in final allocation stages after pricing its record-breaking deal.
• The offering is five times oversubscribed; bankers are calling investors to confirm allocations.
• Retail allocation was cut from a planned ~30% to ~20% or less.
• Morgan Stanley is the stabilization agent, working to open trading with minimal volatility.
• The first trade is not expected until after lunchtime because of the extensive price discovery process.
• Investor demand signals remain strong, but final demand clarity will come after syndicate calls.