Investors often love initial public offerings (IPOs). And why not? They're exciting, and investing in them gives you a first-mover's edge on gains.

These days, though, as retail investor interest has exploded, it's harder to find great IPOs at investable prices. By the time an IPO stock hits the markets, it's often already been bought out by institutional investors for high-wealth clients, leaving retail investors in the dust. Even worse, retail investors who want to get in early push the price up when the opening bell rings, resulting in soaring prices that often immediately deflate.

Considering how the IPO market has changed, it makes more sense today to follow a stock candidate at IPO and see if it remains, or becomes, a bargain. Oddity Tech (NASDAQ: ODD) is a brand-new IPO stock that rolled out with a high price tag but has since dropped 24% of its value. It's beginning to look like a bargain, and investors should take notice.

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Source Fool.com