[findjashua]

should be the other way around - buy calls and sell puts.

that said, options usually are available a few days after the ipo, so may not accomplish the objective

[adventured]

If you had a sizable fortune at stake, you'd go to a major financial firm like Goldman Sachs, which handled the collar for Cuban, and they'll build you something custom. Almost any arrangement can be worked out, with a fat fee to go with it.