> For the complete documentation index, see [llms.txt](https://kix-2.gitbook.io/kix/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://kix-2.gitbook.io/kix/dats-digital-athlete-tokens/dats/ipo-new-player-listings.md).

# IPO — New Player Listings

## How New Footballers Join KiX

New footballers do not simply appear on KiX overnight. Every new listing goes through an IPO — an Initial Player Offering — a structured, fair launch process that gives the whole community a chance to get in at the opening price.

KiX will launch with an initial roster of elite footballers across the top leagues. As the platform grows, additional players will be added through the IPO process.

## What is an IPO?

An IPO is a blind auction. Here is how it works, step by step:

1. **Announcement** — KiX announces that a new footballer is coming to the platform. This happens in advance, giving the community time to prepare.
2. **Auction opens** — the bidding window opens for a set period of time. During this window, you place your bid in $KIX above the reserve price. Your bid is the price you are willing to pay per DAT. This bid is then multiplied by how many you want. For example, if you wanted to buy 10 DATs at a bid of 5 $KIX each, you would need 50 $KIX in total.
3. **Blind bidding** — you cannot see what others are bidding. This prevents last-second price manipulation and keeps the process genuinely fair.
4. **Auction closes** — once the window ends, KiX calculates a volume-weighted average price — effectively the fair midpoint of all the bids placed.
5. **Crossing price** — this becomes the crossing price. Every user who bid at or above the crossing price receives their DATs at that price — not at their individual bid.
6. **Refunds** — anyone who bid below the crossing price is automatically refunded their $KIX. No DATs, no loss.

Please note: to ensure a fair distribution, there is a maximum of 10 DATs per user per IPO.

## Why the 10-DAT Limit?

Each user can acquire a maximum of 10 DATs per IPO. This limit is intentional.

IPOs are meant to distribute a new player's DATs broadly across the community — not allow a handful of heavy buyers to corner the initial supply. A fair first distribution makes for a healthier, more active market when the player enters open trading.

## After the IPO

Once the auction closes and DATs are distributed, the footballer enters the open market — exactly like every other listed player. Their price now moves with community demand, the live pricing mechanism takes over, and anyone can buy or sell freely.

Players that generate excitement at IPO often see significant price movement in the first days of open trading as the broader market catches up.

## How to Know When an IPO is Coming

IPOs are announced in advance across KiX's social media channels. Follow KiX to get early notice of upcoming player launches — knowing an IPO is coming gives you time to prepare your $KIX and think through your bid strategy.

## IPO History

In the future, IPO history will be available on the platform, allowing you to study how past auctions played out — what crossing prices were set, how prices moved after launch — and use that to inform your approach to future IPOs.

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*Next:* [*The Bonding Curve — Technical*](/kix/dats-digital-athlete-tokens/dats/bonding-curve-technical.md)