I'm just an engineer, but the IPO market stills seems a bit dodgy to me.
Case in point is a stock like $BOX, which, at the underwriting bank's urging, was pre-sold ahead of the IPO at $14 to institutional investors. And as you recall, the business press made a lot of hay at the time about it rocketing to $23 on the first day of public trading, thus "leaving money on the table", which just means that Box the company didn't get it, but the institutional investors (the underwriting banks and their top partners and clients) did, and walked away with the gains of this huge 70% one-day pop.
Are the pre-sale investors locked up, or were they able to unload right away? If the later, the kicker is that $BOX is trading back in the $16 dollar range again, thus having taken public investors for the billion dollar difference in under two months.
Well played, banks. Well played.