And much like real IPO’s, the regular investor will never get a shot at the good ones. Hollywood isn’t going to sell even 1% of an Avengers/Star Wars like movie to the peasants. The average Joe will get to buy in on some low budget crapfest starring Steven Segal. Just like the Etrade guys get IPO’s for companies that price at $12, open at $10, and close the day at $8.75
Every good IPO has had some retail participation as has every poor one. The challenge is under most IPOs(not all) the selling group takes them down on a principal basis and very few e-commerce discount brokers will commit capaital. BRK.B was heavily allocated to discount as it was designed for retail.
https://www.sec.gov/Archives/edgar/data/1535527/000104746919003508/a2238988zs-1a.htm Last week Crowdstrike IPO