[thrill]

It's easily explained by accepting that the IPO price is a guess in the first place, and that the negative publicly of guessing wrong and having a significant IPO decrease is more professionally embarrassing than having an increase.

[TearsInTheRain]

Dont the bankers go through a discovery process where they find buyers pre-IPO? Its not like a blind guess

[rocho]

Those buyers are institutional investors and they get a huge discount.