[drelihan]

Shouldn't the criticism for IPO terms like this be directed at the money managers buying these shares on behalf of their clients?

It is ultimately those making the capital allocation decision to push back on unreasonable terms. Seems like they "sort of are":

"Domo acknowledges in its disclosure statement that Standard & Poor’s will be excluding companies with these structures from some of its indexes, and other index owners may follow suit. That’s a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors won’t be buying its stock."