Balloting may be fairer way to apply for IPOs

I REFER to the letter, 'Reader was late in applying for popular IPO via ATM' (ST, March23).

DBS Bank has missed the point.

Is first-come-first-served the best way to apply for IPOs?

Why not use balloting? Otherwise, people who can pay others to line up on their behalf, including maids, will get first shot.

Can we have a more equitable and fair way of IPO application?

Isn't balloting the better way, even though first-come- first-served seems easier and cheaper for the banks?