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In 2018 a lecturer of finance purchased 11 IPOs of stocks

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In 2018 a lecturer of finance purchased 11 IPOs of stocks. He sold each of them after keeping them for a month. He tried to apply for all the 20 IPOs in Tech sector. Out of 20, 9 did not allocate any shares. Out of the 11 purchased, 4 offerings issued less than the requested shares. The year 2018 was bullish for Tech stocks. The stocks of the 20 companies which went public saw a 70% rise in their initial share price. When the lecturer checked his account, he found that his total return was only 17%. Please explain whether he was unlucky or should you have expected him to do worse than an average IPO investor.