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How to buy Recursion Pharmaceuticals (RXRX) stock in Canada
Here's everything we know so far about the Recursion Pharmaceuticals IPO.
Recursion Pharmaceuticals stock is now publicly available to purchase. Here's how you can buy in.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
What we know about the Recursion Pharmaceuticals IPO
On Friday April 16, 2021, Recursion Pharmaceuticals stock began trading on the Nasdaq Global Select Market Composite under the ticker symbol "RXRX." The opening share price was $30, which was significantly higher than the previously announced share price of $16-$18.
With 24.2 million shares up for grabs, the total amount raised from the IPO could be around $726 million.
The underwriters of the deal are Goldman Sachs, BofA Securities, SVB Leerink, JPMorgan Chase, Allen & Company, and KeyBanc Capital Markets. Recursion Pharmaceuticals originally filed a draft registration with the US Securities and Exchange Commission on March 22, 2021. You can view the prospectus here. We'll update this page as more information becomes available.
Will I be able to buy Recursion Pharmaceuticals stocks from Canada?
You won't be able to buy Recursion Pharmaceuticals stocks on a Canadian stock exchange like the TSX or CSE. Instead, you'll need a Canadian broker that provides access to stocks sold on international exchanges. However, some Canadian brokerages don't offer access to international investments at all or only provide access to a limited range of investment opportunities.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Questrade, Wealthsimple, Scotia iTRADE and Interactive Brokers. Interactive Brokers also provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
The process of buying stocks listed on international exchanges is basically the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles international stocks.
How to buy shares in Recursion Pharmaceuticals
Before you can invest in Recursion Pharmaceuticals, you'll need to open a brokerage account.
- Compare share trading platforms. If you're a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
- Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
- Search for Recursion Pharmaceuticals. Find the stock by name or ticker symbol: RXRX. Research its history to confirm it's a solid investment against your financial goals.
- Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until Recursion Pharmaceuticals reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
- Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market's ups and downs. You may be able to buy a fractional share of Recursion Pharmaceuticals, depending on your broker.
- Check in on your investment. Congratulations, you own a part of Recursion Pharmaceuticals. Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.
Tax implications of buying US stocks in Canada
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
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Note: The dollar amounts in the table below are in Canadian dollars.
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