So I take it you're going to buy shares of OpenAI on opening day then? ;)

Institutions merely owning a newly-IPO'd stock means nothing. They get access to shares at a reasonable price before opening while retail is buying at insane prices after open. See Figma as an example where institutional investors got it at $33/share and it ended the IPO day at $115/share with retail buying all the way up (including pops above that at like $127)

I thought it was common knowledge that IPOs are a way for insiders and early investors (not IPO flippers) to get a nice exit during the frenzy.

> So I take it you're going to buy shares of OpenAI on opening day then? ;)

Probably not. Do you understand however that your comment does not make sense in the context of my comment?

> Institutions merely owning a newly-IPO'd stock means nothing. They get access to shares at a reasonable price before opening while retail is buying at insane prices after open. See Figma as an example where institutional investors got it at $33/share and it ended the IPO day at $115/share with retail buying all the way up (including pops above that at like $127)

It also doesn't mean nothing - you have to go and analyze any given stock to make these kinds of claims on a per-IPO/equity basis. You also are ignoring traders and trading algorithms run by... big institutions and trading firms, and you're not accounting for volume or accounting for post-IPO purchases nor breaking those down by segment. In other words, you're just making stuff up.