Formerly, my Dad was also an IPO member, any IPOs coming, he
will be informed first hand with 10 lots standby, I remember that
time, i was very young, but everytime Dad look happy, a lots of IPO
in the 90s makes money, then it slowly went down, my Dad already
pull out as a member long ago, now IPO dun make much.
Your friend must have a contract with IPO underwriter, so he
cannot run away, most IPO today dun surge, in fact, most goes down,
but if you can hold, some of their dividends are not bad.
No choice, due to networking and contacts, you have to take it or
let someone have the lots. Sometime earn sometime loss. My friend
ever lost over $10k within minuties of listing.