Hi. I’m doing a story on what it takes for an investor to be able to buy an IPO at its actual offering price. 1. Are there certain brokerages that actually let retail investors participate? 2. Is it only for institutional investors and occasional high net worth clients? 3. Are there any situations in which the average investor can participate or not, and if so, what hoops do they need to jump through? IPOs often see massive first-day gains, but regular investors typically must buy in at those high prices – not the commercial offer price – so those gains are only meaningful to whoever gets the unique privilege of buying at the offer price. I am looking for insight on this from experts, brokerages, investors or others with knowledge of this process.