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June 30, 2026
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top clients at the underwriting bank are able to buy them. If a lot of clients want shares, then the clients that get shares are the ones who do the most business with them, buy a lot of the crappy IPOs they push out, etc.
And you can't just "sell the option to buy to others" - once you agree to buy shares you are locked in (or else it wouldn't be a primary market), often with restrictions on when you can sell the actual shares.
so a top client could be some sort of fund that buys from the underwriting bank often?
Usually only institutional clients get access, I believe.
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