When a company conducts a placement, it does not usually provide a full disclosure document such as a prospectus. In this case, only certain classes of investors will be eligible to bid for the new shares.
The information about whether the issue of new shares is available to all retail investors or only particular classes of investors (such as sophisticated or professional investors) is explained in the T&C’s and More Info section for each new offer.
To find out if you fit the definition of a sophisticated, professional or experienced investor see this link.
Applying for placements through OnMarket is the same as applying for IPOs, with the key difference being the short time frame that the new shares are available.
The amount of time placements are open for applications can be as short as a few hours, although it is more likely to be a couple of days. Before applying, make sure you read the details in the T&Cs and the More Info section of each offer. Be aware that the company might close the offer early.
Following the placement, the shares are settled and allotted (i.e. created) and the shares then trade equally with the pre-existing shares of the company.