[CyrusL]

IPO shares are already allocated by the opening bell. It's a little bit confusing, but IPO shares are actually sold privately prior to opening day.

Another important thing to remember is that there are two sides to every trade. Presumably, the guy who has shares on opening day has at least as much information about the stock that a retail buyer does, and he's choosing to sell. To be a buyer, you have to have a stronger belief about the future of the company than the market price indicates.