When a company issues new shares on the primary market, is it possible or even obligatory to reserve a given amount for retail investors?
If it is possible: How often is this done? (From Wikipedia I know that "individual investors owned 26% of equities" in 2005, but I assume that most of them are not bought on the primary market. So how much?)
When it is done: How long does it usually take until all shares reserved for retail investors are sold? Or what's the range: from "on the day of issuance" until "after one year"?
Or does it essentially never happen: on issuance all shares are bought by institutional investors?