Every few weeks, a new name lights up your brokerage app: “IPO open for subscription.” Your friends are buzzing about it. Financial influencers are making predictions. And somewhere in the back of your mind, a question lingers. Should I apply? But before you click that button, it is worth understanding exactly what an IPO is, how the machinery behind it works, and what the risks look like for an ordinary investor. An Initial Public Offering (IPO) is the process by which a pri