If the IPO is particularly hot, a firm's founders can become instant billionaires, at least on paper. Punters got a windfall too.
Shareholders are ecstatic.
But you won't see too many small ones among them. At least the small fry got a chance. In the U.S. and other Western markets, an IPO typically ends up with institutional investors. The Philippines imposed a new rule in July. The more of them there are, the higher the risk that the IPO won't be a success.