> random IPO stock buyer
Public-stock buyer or IPO buyer? The latter tend to be sophisticated.
Public-stock buyer or IPO buyer? The latter tend to be sophisticated.
I absolutely agree. But it's entirely irrelevant, because there's no "must be this (hand gesture) sophisticated to buy IPO stock" rule.
Legally, no. Practically, all underwriters have account minimums and tenure requirements. The only exception is direct listings.