As someone who's been in the markets for a while, I've started questioning the actual value of IPO participation today.
Trading apps made IPO applications frictionless, but outcomes?
Exactly the same.
Allotment is still a lottery. The app you use gives zero edge.
What has changed is behaviour:
1. Applying to every IPO because it's easy
2. Treating listing gains as a given
3. Confusing GMP with valuation
In reality:
1. Most IPO alpha comes from skipping issues, not chasing them
2. Convenience amplifies bad decisions faster than good ones
3. IPOs consume more mental bandwidth then they're worth most of the time
I still apply, but selectively and without expectations. Missed allotments don't bother me anymore. Bad holdings do.
Genuine question for the community:
1. Are IPOs worth the effort anymore?
2. Listing gains vs long-term holds, what's actually worked for you?
3. Has ease of access improved or worsened retail behaviour?
Interested in hearing experienced takes.