> For the complete documentation index, see [llms.txt](https://docs.selcier.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.selcier.xyz/walkthroughs/subscribe-to-a-raise.md).

# Subscribe to a raise

From Selcier Portfolio, complete identity verification, put USDG in your wallet and subscribe to a company's primary offering.

Investors use this walkthrough to subscribe to a primary offering on Selcier. Verification happens once, after which you can subscribe to any offering you qualify for. Until close, your money sits in on-chain escrow, and the Explorer lets you check each stage.

{% stepper %}
{% step %}

### Go to the offering page

An offering reaches you through a direct link or an email invitation from the company. Either way you arrive in [Portfolio](/the-platform/holder-portfolio.md). The page there gives the close date, minimum ticket, minimum and maximum raise, price per share and offering documents.

A hash appears beside each document, and the company's `DisclosureRegistry` records that same hash on-chain. Comparing the two confirms that your copy is exactly what the company published.
{% endstep %}

{% step %}

### Complete identity verification

First-time users go through identity verification, which is usually done the same day. On completion, signed claims land on your on-chain identity:

| Claim               | What it records                                       |
| ------------------- | ----------------------------------------------------- |
| `IDENTITY_VERIFIED` | That you passed verification                          |
| `REGION`            | Your country                                          |
| `INVESTOR_ELIGIBLE` | Your eligibility tier, when the offering calls for it |

Your personal information stays off-chain. A claim is a signed attestation, with an expiry date, stating that a check passed. [Verified holders](/fundamentals/verified-holders.md) explains more.
{% endstep %}

{% step %}

### Connect or create a wallet

Either connect a wallet you use on Robinhood Chain or have Portfolio create an embedded one. In both cases it gets registered to your identity. You won't need ETH, because Selcier sponsors gas.

Institutional custody works too: your custodian's wallet can be registered to your identity the same way.
{% endstep %}

{% step %}

### Deposit and commit funds

Put USDG, or whichever stablecoin the offering accepts, in your wallet. Then enter your investment amount and confirm. A stablecoin approval comes first, followed by a `subscribe` call that Portfolio makes on the `OfferingVault`. Escrow now holds your deposit, and a `Subscribed` event puts it on record on-chain.

Subscriptions below the minimum ticket aren't accepted. When an offering nears its maximum, Portfolio displays the remaining room.
{% endstep %}

{% step %}

### Collect your allocation when the offering ends

There are two possible outcomes at close:

| Result at close       | Effect on you                                                                                                                                                                                                       |
| --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Minimum raise met     | The single transaction that pays the company also puts share tokens in your wallet. In an oversubscribed offering, your allocation is scaled pro-rata and you withdraw the remainder of your deposit with `refund`. |
| Minimum raise not met | You end up with no shares and your whole deposit available through `refund`, a call Portfolio prompts you to make.                                                                                                  |

Portfolio lists the shares as a lot with its acquisition date, which is also when any holding period on the class begins.
{% endstep %}
{% endstepper %}

## What holders can do next

Holding shares lets you:

* Access financial statements and updates distributed to verified holders by the company.
* Cast votes on proposals while their voting period runs, as described in [Shareholder voting](/fundamentals/shareholder-voting.md).
* Collect your part of any distribution the company pays.
* Offer shares in a Liquidity Window when no holding period still applies to your lots. [Sell your shares in a window](/walkthroughs/sell-your-shares.md) has the steps.

{% hint style="warning" %}
Claims have expiry dates, and Portfolio warns you ahead of renewal. Transfers fail with the reason code `CLAIM_EXPIRED` while a claim is expired, and renewing it lifts the block. Subscriptions fail too: the vault rejects them with `MissingClaim` when the offering requires that claim.
{% endhint %}


---

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