[_ouxp]

The "first day pop" is largely unavailable to the average person. You're right that underwriters price the IPO for this phenomenon, but it is to entice their clients to buy. The pop is from outsiders (you) buying from insiders.

If you're not dealing in big money, you won't be buying from the underwriter at the IPO price, you'll be buying at the higher price (if you put in a market order), or not at all (if you put in a limit order near the offering price).

That's not to say that investing in an IPO is a bad long-run decision.

[Alex3917]

You can still buy as soon as the market opens though, as long as you're fine paying a few bucks over the insider price.