What are some of the pro's & con's of doing such
Looking at investing in a buddy's IPO (gas & oil)
Layman's terms would be best as I'm pretty ignorant on the whole thing & the info I'm finding talks about a possible tax(s) I'd be responsible for.

Thanks

I don't think the principles of investing change regardless if it is an IPO or a blue chip stock.  It all depends on your investment goals.  Are you a long term investor or a short term?  What is your risk tolerance.  What is the basis you are using to determine if this is a good investment?

You pro is you could make a bunch of money and your con is you could lose every dime you put in.  If you are investing because its your buddy and you're friends, you probably shouldn't put any money into it because it will only hurt your friendship, especially if things go south.  Investing should never involve emotion, it should be done on hard numbers and facts.  If you have a good 'feeling', then you are just relying on luck and are better off taking your money to the casino.

IPO, you probably gonna have to go to the underwriters if the IPO is anywhere in the near-term.

PS:  You sure your talking about an IPO, initial public offering.