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As an Investment Banker, we would take "indications of interest" on a particular IPO.
We were only allowed to allocate a certain number of shares to each client. The wealthier clients received larger allocations than the smaller clients.
This was to encourage the small investors to put in more cash once the IPO began trading. (dollar cost averaging)
This benefited the wealthier clients, thus providing them a liquid market to sell into, thus securing their profits. Meanwhile the "odd lot" investor got the hot potato.
Would you consider this a conspiracy or smart business for the firm?