Why are most of the IPOs avoidable ?

 In my 10 years of experience in equity market, I have found most of the IPOs avoidable.

Investor should understand that no promoter (Except Government) would ever give them shares at discount. Rather they would try to fetch maximum value. So be careful.

You need to be more careful in bull market. Because primary market is flooded with IPOs in bull market. Every promoter wants to encash the bull run by offering shares of his company to public. But you need to take decision based on merits not based on the euphoria,  Reliance power IPO is best example of how people are made fool by creating euphoria.

You must understand that it is not compulsory to apply for shares in every IPO. 

If you want to participate in an IPO, just start gathering information about the company from independent sources. Just have a look at its financials and compare the valuations with the peers. You will come to know whether the offer is cheap or costly for you. I am sure that you will find most of offer expensive. This type of share may give you some listing gain (but eventually comes to the realistic level) which is not the purpose of long term investor. 

If an investor is exiting in the IPO, the IPO is  prima facie avoidable. Why would an investor exit at cheap price ? 

You should understand that not all the IPOs are for you. Only few IPOs suits you and you should be able to identify them.