[vlovich123]

If they want the most accurate price (doesn’t move much from the initial IPO) a blind second price bidding strategy is useful.

If the company wants the highest price they would do an auction of successively increasing lot sizes.

However, the pool of investors for something like this is small enough that you’d be trying to fight out-of-band collusion. Similarly the underwriters don’t want you to have the highest price. They want the investors to get a price better than the stock is actually worth so that they continue to show up to deals the underwriters organize.

I too think there must be a better way but I suspect you may need some regulation and enforcement of this market to actually see it through.