In 2018, a lecturer of finance purchased 1 IPOS of stocks. He sold each of them after keeping them for a iii. 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 yaar 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 locturer 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.