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The 13-year-old design software company Figma IPO’d on the NYSE yesterday.
As I write this edition, Figma’s stock is trading at $115. That’s a ~250% pop from its $33 opening price — above Circle’s June IPO pop of 168%, and far above the average 17% day-one IPO pop of past decades.
Great success! But according to the Crypto Twitter commentariat, that’s “legalized theft.”
Specifically, theft by the investment bankers from the retail public.
The general idea underlying this criticism is that:
Investment banks deliberately underprice IPOs below fair value, then allocate…
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