The idea behind an IPO should be about creating fair opportunities for everyone, including small retail investors. Unfortunately, in reality, the system often appears to favor large institutions, hedge funds, wealthy elites, and powerful financial groups who already possess significant influence and capital. Many ordinary investors feel left behind, while those with massive financial resources gain early access and greater advantages. This imbalance creates concerns that loopholes within the financial system can also be exploited by individuals or organizations involved in illegal activities such as money laundering, scam operations, drug trafficking, and human trafficking. The biggest concern is not the concept of IPO itself, but the lack of strict transparency, accountability, and proper