X @Zhu Su

Contrarian take but I dont think American IPOs are structurally that underpriced. Book-building is a competitive process and clients can choose any number of investment banks.The risk transfer of a huge amount of shares for cash is a risk-aversion and diversification moment for early shareholders. There would need to be a risk transfer discount for any trade to occur anyway.For many concept stocks, a good looking chart is the best marketing. Many of these stocks if they had gone down from day 1, would then ...