The bigger question is why it has come to that, that door #1 is such a joke.

Is competition not supposed to drive down the bargaining power of the investment banks in terms of fees and IPO discount? Apparently not.

Are institutional investors who are part of the 30x oversubscribed and not getting allocations not really upset with this process as well? Why would they not want to pay a higher price and benefit from a smaller IPO "pop" than the 30% build in the system?

There is probably a massive business opportunity to get IPO investors and IPO'ing companies connected in a much more structured and technology based way.