It certainly gives an edge over secondary markets. Over the last few years, SEBI has taken pains to ensure that the small and retail investors get a good deal in the IPO market. In this direction, there are quite a few key reforms that have been implemented. For example, retail investors are eligible to get a discount over the issue price that is applicable to HNIs and institutions. Secondly, even within the retail quota, these small investors are eligible to get higher allotments under the new allotment norms with focus on broadening the retail ownerships. These are benefits that are not available in the secondary markets.