IPO's are always a bit tricky! I remember when the Coinbase one was coming out. I almost bought in, but something in my gut told me to just wait. Turns out the stock was way overvalued and it ended up dropping quite a bit from where it opened. It did hold steady for a bit and it did recover, but I'm still happy I held off.
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Such things does happen a lot...it is kind of bet...I was alloted some in Hyundai motor. The stocks tanks for almost a year and now it showing sign of recovery...who would have thought fot such motor company shares
I know a lot of people who bet on GM stock after the bailout did quite well. I hold some Ford and it has been a solid dividend earner for me through the years.