[pbreit]

I still don't really understand what you are wondering. If we're talking about post-pricing, then, yes, Twitter can't make more money (actually it can because of the over-allotment which of course would only get exercised if the price goes up; another reason to hope for upward movement).

Twitter was clearly playing the whole thing conservatively and aagreed to a price that was probably low (hindsight to some, foresight to most).

There's some incentive so appease the banks as they historically do play a meaningful role going forward as related to M&A and fundraising.

The Google IPO was lousy not because it only popped 18% but because the auction format severely depressed the whole thing. Google inexplicably got pretty much the same result as Twitter ($1,8b on a $23b valuation) despite being an order of magnitude more impressive (I like Twitter).