[prklmn]

It was still an IPO, just an untraditional one.

[hn_throwaway_99]

But to that point there was no "IPO price", i.e. the price paid by institutional clients before the first day of public trading, so there was nothing to fall below (there was a "reference price", but that's just more like the MSRP given by the stock exchange, not what anyone actually paid).

[kenneth]

It was not an IPO as there was no public offering. Instead, the company filled an S-1 and was listed on an exchange allowing for secondary trading.