You buy them and when they go up you sell them for a profit. If they are not going to go up, do not buy them.
seriously, I have done so in the past. Have not seen that much follow through on most IPO's this year.
Exactly what do you mean by "flipping" as all of the stock market is a "flip". The only difference is the timing aspect.
You buy a stock, you hold it, then you sell it and hope to profit from that transaction.
But, you do nothing whatsoever to that share of stock in the way of adding value to it.
PM me if you are really interested in IPO's.
SteveD