Why is an IPO the worst time to purchase a stock?

Why is an IPO the worst time to purchase a stock?
Too many investors think that buying an IPO is a surefire way to get rich. They will try and purchase the shares as soon as they go public. By the time the average investor can purchase shares, the real money has already been made. The average investor can’t buy at the initial price.
An underwriters like JPMorgan Chase help a company navigate through the IPO process such as forming a preliminary prospectus outlinging the company’s financials. The underwriters will sell shares to big insutitutal investors like investment banks and private equity and these are the people who really make the money from the IPO, not the average joe.
Companies that IPO tend to underform industry benchmarks.
People are swept up in the IPO euphoria rather than seeing reason.
The stock price is so inflated and have so many high expectations priced in.
Private shareholders and insiders have their shared locked up for 180 days. After this lock-in period, they can dump their shared and the stock price can decline sharply.
Lyft priced its IPO offering at $72 / share. The stock currently trades at less than $11 / share.
Uber priced its IPO offering at $42 / share in 2019. Today, the stock trades for about that same price even after four years.
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