Bob can buy on the exchange once it lists, which do much more control on bids. He's not totally disenfranchised - just has to take more risk than he wants to in the primary auction.

And, that's the nature of the markets - risk. In this case, he knows his risk, so we could say that Bob wants FEATURES to manage his risks, rather than FUNDAMENTAL PROTECTIONS.

So no - maybe not unfair at all. Just not so well featured that Bob's risk can be managed. Perhaps buy over-price insurance?