It's because it's easy to sell the shares at IPO price and then you are basically free carried on the option. It puts pressure on the price and creates negative sentiment on Day 1.
You watch the difference with an Alto Capital IPO that's coming in a few months. It's not rocket science but most lead managers either overthink it or are just after the fees.
It's because it's easy to sell the shares at IPO price and then...
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