Charts - SPT, page-2287

I haven't looked into this IPO much but I'm guessing by what you are saying, the IPO was not underwritten?
I totally agree with you, if this is the structure that was set up then the advisor has an incentive to have as low an IPO price as possible. However, my gut tells me there must be more to this story because this conflict of interest is pretty obvious and would be bad business. Most IPOs are structured in a way that forces the advisor/IB to try and get a true value and align the interest with that of the company. Getting a IPO price benefits everyone except the actual company.