Technically, anyone can invest in an IPO, as long as they meet the requirements set by the underwriters and the stock exchange where the IPO is listed. However, in practice, most IPOs are available only to institutional investors and high net worth individuals, due to the high demand and limited supply of shares.

The underwriters of an IPO typically allocate the shares to institutional investors, such as mutual funds, hedge funds, and pension funds, who have a track record of buying and holding stocks for the long term. These investors are often given priority in the allocation process, as they are seen as more likely to support the stock price and hold onto their shares.

Individual investors, such as retail investors and small-scale traders, may also be able to participate in an IPO through their brokerage accounts. However, they may face greater limitations on the number of shares they can buy, as well as higher fees and commissions. In addition, individual investors may have less access to information about the company and the offering, which can make it more difficult to make informed investment decisions.

Overall, while it is technically possible for anyone to invest in an IPO, the reality is that most IPOs are designed for institutional investors and high net worth individuals, who have the resources and expertise to participate in these offerings.