As I understand it the IPO is exclusively offered to the big mutual/hedge fund managers. After they get their fill the general public can have the leftovers.
Dutch Auction IPOs, like what Google did, are the best way for Joe Public to get in. The success of Google's IPO made that a more mainstream practice.
Vonage offered their customers a chance to get in via their "Directed Share Program", though I'm not sure if that is a common practice, and that IPO certainly hasn't been a success.
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