> For the complete documentation index, see [llms.txt](https://docs.bsc.lista.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bsc.lista.org/introduction/rwa-markets/pre-ipo.md).
# Pre-IPO
Lista DAO is opening a pre-IPO subscription for **Kalshi**, one of the leading names in prediction markets, with the offering issued through Paimon. Eligible members of the Lista DAO community can subscribe on-chain ahead of Kalshi's public listing. Allocation is limited and the subscription window is short, opening the week of July 28. This post sets out the full rules, schedule, and mechanics.
**All times are shown in UTC (UTC+0).**
***
## **1. The Offering at a Glance**
| **Item** | **Detail** |
| --------------------------------- | ---------------------------------------------------------------------------------------------------------------- |
| **Asset** | Kalshi pre-IPO token, issued through Paimon |
| **Total allocation (this round)** | **$1,000,000** (25,641.03 tokens at $39.00) |
| **Issue price** | $39.00 per token |
| **Implied entry valuation** | Approximately $39B for the unlocked tranche; approximately $28B for the locked tranche after its 1.4x conversion |
| **Payment asset** | USDT only |
| **Minimum deposit** | $100 |
| **Maximum allocation per person** | $100,000 (combined across both rounds) |
| **Network** | BNB Chain (BEP-20). |
| **Deposit terms** | Deposits are locked for the duration of the round. |
\
You subscribe by depositing USDT during a round. When it closes, allocation is shared **in proportion to deposits**, not by lottery or first-come-first-served.
The subscription runs in up to two rounds: a **Whitelist Round** open only to eligible Lista users and weighted by activity tier, followed by a **Public Round** open to everyone, which is held only if allocation remains after the Whitelist Round.
***
## **2. Choose Your Tranche**
On your first deposit, you select one of two tranches. **This choice is final**: every subsequent top-up follows it, and it cannot be changed before settlement.
| | **$xKLSH (Unlocked)** | **$pKLSH (Locked)** |
| -------------------- | --------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------- |
| **Lock-up** | None; transferable as soon as you claim | 6 months; non-transferable |
| **What you receive** | One token per $39 allocated | One token per $39 allocated, converting 1 : 1.4 into $xKLSH at maturity |
| **Delivery** | Claimed on Lista after settlement | No claim step. Lista submits your allocation to Paimon, which registers it and sends the converted $xKLSH directly to your wallet at maturity |
The 1.4x on the locked tranche refers to **token quantity**: at maturity, each $pKLSH converts into 1.4 $xKLSH, which is 40% more tokens.
***
## **3. Timeline**
| **Date** | **Event** |
| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Tue, July 28 · 08:00 UTC** | Whitelist Round opens. Eligible users may deposit. |
| **Thu, July 30 · 08:00 UTC** | - The Whitelist Round closes and results are published. If allocation remains, a Public Round follows; if the round is fully subscribed, there is no Public Round.
- Public Round opens, only if allocation remains after the Whitelist Round. Open to all qualified tiered users.
|
| **Fri, July 31 · 08:00 UTC** | - Public Round closes
- Final Settlement begins. Your final allocation and refund becomes visible once settlement finishes.
|
| **Sat, August 1 · 08:00 UTC** | Claiming opens. You may claim your allocated tokens and any refund. |
*Whether a Public Round takes place will be confirmed via an official announcement after the Whitelist Round closes. The locked tranche ($pKLSH) converts approximately six months after settlement; the exact maturity date will be given in the official announcement.*
***
## **4. Round 1: Whitelist Round (July 28 to 29)**
The Whitelist Round is open to Lista's most active users. Your eligibility and your allocation weight are based on your activity before the subscription opens, taking into account your borrowing on Lista Lending and Smartlending together with your LISTA holdings. Greater activity earns a higher allocation weight, weight, please check the [Pre-IPO Page ](https://lista.org/pre-ipo/1)for your allocation details.
Your snapshot is taken before the subscription opens, so any activity during the subscription window does not affect your eligibility or weight. Your status is shown on the subscription page.
### **Whitelist Levels & Weights**
| **Level** | **Weight** | **Description** |
| --------- | ---------- | ----------------------------------------------------------------------- |
| L1 | 2x | Deep borrowers (large, long-term) |
| L2 | 1.5x | Active borrowers or large holders |
| L3 | 1x | Wallets with a 90-day average score of ≥ $100 (Borrow) or ≥ $300 (Hold) |
\
*Your level is assessed from your borrow amounts and Lista Holder holdings over the past 90 days. Pure Holder wallets (no outstanding borrow amounts) are capped at L2 – reaching level 1 requires a borrowing history*
**\*If you have an eligible position and are not on the Whitelist, please contact us via our official** [**Telegram Channels**](https://linktr.ee/lista_dao)
### **How Allocation Works in the Whitelist Round**
* **If total deposits are $1,000,000 or less:** every participant receives their full deposit, up to the $100,000 cap. Any remaining allocation moves to the Public Round.
* **If total deposits exceed $1,000,000:** allocation is distributed by weighted deposit, as follows.
*Weighted deposit = your deposit × your tier weight*
*Your allocation = (your weighted deposit ÷ total weighted deposits) × $1,000,000*
Your allocation never exceeds the amount you deposited and is capped at $100,000. Any deposit above your allocation is refunded in full.
As the round fills, the deposit page shows a live estimate of your projected allocation and refund.
***
## **5. Round 2: Public Round (July 30, conditional)**
### **When it opens**
The Public Round takes place only if the Whitelist Round does not fill the full $1,000,000. The page displays the exact remaining allocation. If the Whitelist Round is fully subscribed, there is no Public Round.
### **Who can participate**
All users. Whitelist participants may add to their deposits, provided their combined allocation across both rounds remains within the $100,000 cap.
**Important:** If you already received an allocation in the Whitelist Round, your personal limit in the Public Round is the $100,000 cap minus whatever you were already allocated.
### **How allocation works in the Public Round**
The Public Round does not apply tier weights; allocation is distributed purely by deposit size.
* **If total deposits are within the remaining allocation:** every participant receives their full deposit, up to the cap.
* **If total deposits exceed the remaining allocation:** each participant receives (remaining allocation ÷ total deposits) × their deposit, and the balance is refunded.
### **Worked example**
The remaining allocation is $150,000, and two users each deposit $100,000 ($200,000 in total, oversubscribed). The fill rate is 150,000 ÷ 200,000 = 75%. Each user is allocated $75,000 and refunded $25,000.
***
## **6. Settlement and Claiming**
**Settlement (July 31).** Once settlement completes, your final allocation and refund appear on the subscription page.
**Claiming (from August 1).**
* **$xKLSH and refunds:** claimed on the Lista subscription page. Claims do not expire.
* **$pKLSH:** Lista submits your locked allocation (address, USDT allocated, $pKLSH quantity) to Paimon, which registers it. At maturity (approximately six months after settlement), Paimon sends your converted $xKLSH directly to your wallet — no action required on your end. Until then, the [Pre-IPO page](https://lista.org/pre-ipo/1) shows your registered amount, the maturity date, and the quantity due.
**Important:** Use a self-custody BNB Chain wallet, not an exchange deposit address. Because $pKLSH is delivered directly to your address at maturity, tokens sent to an exchange address may be lost.
---
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