I agree, just the company under consideration will have to provide comparable level of access to information to enable meaningful analysis and this is hard to h

I agree, just the company under consideration will have to provide comparable level of access to information to enable meaningful analysis and this is hard to happen without regulation. The other option is if the company does not cooperate because it is free not to which will turn the IPO into a cat in a bag investment. It will attract the risk-seeking, the stupid, and those with insider information. On the other hand, if the company does not have the marketing cloud and is underfunded, it will have to spend some money to attract the investor's attention which might be as costly as paying a dedicated proxy. It would be interesting to watch.