I’m not sure you understand the role of bankers in IPOs. They financially underwrite the IPO, which is a huge financial risk. They’re also responsible for book

I’m not sure you understand the role of bankers in IPOs. They financially underwrite the IPO, which is a huge financial risk. They’re also responsible for book building the entire thing, leveraging access to their network of institutional investors. Their fees aren’t cheap, but for a company that needs to IPO, they’re _often_ very worthwhile. I’m also not sure where you think the conflict of interest is, if they over price then then lose money, and if they underprice, then they lose money... I’m not sure this is a market that’s especially vulnerable to disruption either. Unless you wanted to create a network for book building directly with individuals, but I couldn’t see the value proposition for the listing company here, as getting the pricing right with unsophisticated investors sounds like an enormous risk for your averaging listing company.