X @Zhu Su

IPO Market Analysis - The IPO market may not be structurally underpriced due to competitive book-building processes and client choice among investment banks [1] - Early shareholders seek risk aversion and diversification through IPOs, necessitating a risk transfer discount for trades [1] - Concept stocks often rely on positive price charts for marketing, as a decline from day one could lead to litigation [2] - Companies with strong cash flows and secretive moats may avoid going public, signaling a belief in higher valuation through community ownership and wealth effect [2] - IPOs share similarities with ICOs, with success often driven by positive sentiment and price charts, potentially leading to product-market fit [3]