This limited access to IPOs in the U.S. has always seemed very…limiting and also kind of unfair. In India, IPOs approved by SEBI (the equivalent of SEC in the

This limited access to IPOs in the U.S. has always seemed very…limiting and also kind of unfair. In India, IPOs approved by SEBI (the equivalent of SEC in the U.S.) have been available to all retail investors for a very long time and has improved a lot with online brokerages over the last 15+ years. You just need to have a demat account, which you could also open along side the application for the IPO. I don't understand why companies going public in the U.S. wouldn't want a wider reach for IPOs, which can easily come by getting retail investors to participate.