Underwriters only get to keep shares if the IPO is undersubscribed by the public. A bigger part of the problem is that many retail brokerages don't allow IPO pa

Underwriters only get to keep shares if the IPO is undersubscribed by the public. A bigger part of the problem is that many retail brokerages don't allow IPO participation or require huge account balances to do so, so people can't, or think they can't, buy shares until a new offering starts trading on an exchange.