Someone can buy a Seat in the Exchange. But it doesn't get them a Special Deal. If you know someone you can probably get in on an IPO but if the IPO was over priced the Stock would go down once it's Trading. Unlikely because people want it to be successful. So comparing that to Horse Racing did you get a Deal? Well you will know in about 10 minutes when the IPO hits the Market or the Race is run.

No one is buying a Deal. And there is a Regulatory Body called the Securities and Exchange Commission. Market manipulators are watched. Insiders are Tracked. There is no such thing or a similar regulatory body surrounding Racing.

A Company can not price their IPO lower for one group of buyers because they favor them versus another. It's Illegal as hell.