I'm not sure why anyone would buy into a stock at close to $2...

I'm not sure why anyone would buy into a stock at close to $2 when a month ago it IPO-ed at 20cents. The IPO value is created by an investment bank based on extensive market research an experience. They don't always get it right which is why there are often swings in the value on the IPO day but you wouldn't expect an investment bank to get it wrong by 1000%. This feels a little too much like FOMO buying, similar to what happened to cryptos in 2017.