Why are small investors denied the right to invest in lucrative IPOs like Google. Is investments game rigged?

Question

Why are small investors denied the right to invest in lucrative IPOs like Google. Is investments game rigged?

Answer 1

small investors aren't denied the right to invest in IPOs - they're just last in line to purchase the shares.   INstitutional investors and very wealthy investors are given first crack, and then as share prices go up and some begin taking profits and selling their shares, small investors finally get to purchase shares.

it's well known that small investors often end up losing money on IPOS because they buy in at such higher prices relative to institutional investors.