Cspro, Each Morgans broker puts their bid in for an allocation of an ipo, generally based on his clients demand. When the individual broker gets his allocation, he divides up the amount he was allocated to his clients.
So if the ipo is any good, the broker will get scaled back on his bid and he will obviously give most to his clients that trade often and have a good relationship. I would guess that if a client didn't have a good relationship with the broker, then the client would not get stock or, if the ipo was not in demand, the client would get as much stock as he wanted. Hope that helps.
