Indications of Interest

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Integrating through Apex AscendOS?
The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

Before Monark commits to sourcing shares for an SPV, it tests demand with a prospective offering — a potential deal whose terms are given as ranges rather than fixed numbers. Investors respond with an indication of interest: a dollar figure that signals appetite and commits them to nothing.

Aggregated indications are what tell Monark whether to source a deal, and at what size. A platform that collects them well gets better deal flow.

Monark endpoints used

Method	Endpoint	Purpose
`GET`	`/primary/v1/prospective-offering/financial-institution/{financialInstitutionId}`	The upcoming offerings available to you
`POST`	`/primary/v2/indication-of-interest`	Register interest
`GET`	`/primary/v2/indication-of-interest`	Read an investor's indications

Note: A v1 indication-of-interest family also exists. Use v2 for new work.

The rule that governs this whole surface

Important: An indication of interest is strictly non-binding, and your UI must make that unmistakable. Do not require a signature. Do not run a cash balance check. Do not gate it behind any step you would apply to a real subscription. An investor must be able to express interest in seconds and walk away with no obligation.

This is not a stylistic preference. Treating an indication as if it were an order misrepresents the instrument, and it suppresses exactly the signal Monark needs.

Register interest

POST /primary/v2/indication-of-interest

{
  "investorId": "{investorId}",
  "targetAssetType": "ProspectiveOffering",
  "targetId": "{prospectiveOfferingId}",
  "notionalAmount": 50000,
  "currency": "USD"
}

Important: targetId is the prospective offering's id, not the company's. An indication targets a specific potential deal — the company, the structure and the price band together — not the company in general.

Field	Required	Notes
`investorId`, `advisorId` or `accountId`	Exactly one	Who the indication is for. It must belong to your partner.
`targetId`	Yes	The prospective offering, company or fund the indication is for
`targetAssetType`	Yes	`ProspectiveOffering`, `PreIPOCompany` or `RegisteredFund`
`notionalAmount`	Yes	Dollar amount, greater than zero
`currency`	Yes	`USD`. Other currencies are refused.
`numberOfClients`	No	For an advisor indication that aggregates clients, how many it represents. Greater than zero.

Status	Meaning
`201`	Created. The body is the new indication of interest.
`400`	A field is missing or invalid: not exactly one of `investorId`, `advisorId` and `accountId`, a currency other than USD, or an amount of zero or less.
`403`	The investor, advisor or account does not belong to your partner, or the investor's status is not `Limited` or `Active`.
`404`	The target was not found.

Note: Here an id that is not yours returns 403, and so does an id that does not exist. Reads behave differently: another partner's record returns 404 (see Data Access Patterns).

Presenting a prospective offering

Terms are ranges, and they should read as ranges. An investor shown "$100–120 per share" and "$10–12B valuation" understands they are looking at something provisional; one shown a single number does not.

UI element	Monark field	Notes
Company	`targetName`, or resolved from the target	What the prospective SPV would hold
Price range	The offering's estimated price fields	Present as a band
Valuation range	The offering's estimated valuation fields	Present as a band
Status	The offering's status	Whether it is still collecting interest
Action	`id`	Opens the interest form

Label the card Upcoming alongside your live offerings, and label the action something like "Register interest" — never "Invest".

What happens next

An indication is a signal, not a queue position. Monark aggregates demand across partners and decides whether to source the deal.

Webhook	Meaning	What to do
`ProspectiveOfferingAccessGained`	Your institution can now see a prospective offering	Show it as upcoming and open the interest form
`ProspectiveOfferingAccessLost`	That access is withdrawn	Remove it and stop accepting indications
`IndicationOfInterestClosed`	The offering has stopped collecting interest	Close the form

When a prospective offering becomes a real SPV, the investors who registered interest are the ones to notify first. Keep your own record of who indicated on what — Monark's aggregation is for its own sourcing decisions, and your relationship with the investor is yours to manage.

Note: An indication does not become a subscription, and does not reserve an allocation. When the SPV opens, an investor who indicated must still place a real order, subject to every rule in Submit an Order. Say so on the form, so nobody believes they have secured a place.

Implementation notes

Let them change their mind. An indication can be updated or withdrawn. An investor whose circumstances changed should not have to contact support.
Ask for a number, not a commitment. The amount is the useful part of the signal. A boolean "interested" tells Monark far less.
Do not require accreditation to indicate. You will need it before they can subscribe, but demanding it up front costs you the signal. Collect it when the real offering opens — see Accreditation.

Next steps

When the offering becomes real: SPV View
What an investor reads before committing: Company View