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> They doubled their money almost risk free since they know demand.

They only did double their money if they can sell without pushing the price down. That's not easy to do for institutional investors.

In fact, institutional investors often make informal agreements to not flip the shares in exchange for their allocations.

Right. That's why I always thought buying IPOs is a bit of a mug's game.

Buying anything volatile is a mug's game. An IPO is infinitely volatile since it has no history.

I didn’t know that was a thing.