From what I know all IPO's are offered to the retail market.
Also the IPO update is strong and tight among vendor group and AQO holders so this is a good sign as the register will be tight and the vision is med to long term. IMO APOG has more to offer than what AQO had at IPO. So more strings to their bow!!
Also I dont agree with your comments about insto's because insto's don't and can't buy a stock unless it's got a market cap north of $100m.
Cheers mate
AQO Price at posting:
27.5¢ Sentiment: Hold Disclosure: Not Held