Wit Capital Offers IPO's over Web To Individuals:
Typically, though, individual investors cannot get IPOs at the offering price. Earthweb was an exception. Wit Capital, which is an on-line investment bank, allocated shares in the IPO on a "first-come, first-serve" basis.
And some SI members participated. Dennis M. is one...
"I got 1,000 shares of Earthweb, at the offering price of 14, so I'm pretty happy with the stock at 46.
"BTW, anybody could have gotten shares like I did, just by asking for them, through Wit Capital. Wit will also be offering shares of the Prodigy IPO, so I suggest opening an account with them soon."
However, there is a catch. If you sell the IPO within 60 days, you will be charged a penalty fee of 5 percent, as well as be discouraged from future offerings
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