Yes. I've found that with the big IPOs, while everyone is scrambling to somehow get into the stock pre-IPO, or at the first minute of the sale, the stock almost inevitably goes below the IPO price in the first weeks or months of trading. A bit of patience can yield more value.

Then, of course, is the question of whether it will ever go up again... I haven't done the study of whether they are (on average) reliable bargains or fools' gold.