[directevolve]

IPOs are one-shot, sealed-bid auctions, and the winner’s curse applies. There are separate equilibria where the company maximizes its cash gains or its fully diluted market cap. It can pick which to target.

“Leaving nothing on the table” would mean selling few enough shares at the IPO that you have to overpay to get shares at the IPO. Previous valuations are known, as is that implied by each choice of IPO price when looking at the book. So the skill is just in the company not needing all that much money and being great at generating hype.