I agree it's leaving money on the table for the company, but I believe that investment banks' rich clients get to buy at the IPO price, so the "pop" is an immed

I agree it's leaving money on the table for the company, but I believe that investment banks' rich clients get to buy at the IPO price, so the "pop" is an immediate bonus for those clients. Bad for the company (which would hope for 0% pop) but good for the banks and their clients. I imagine that for companies not using banks, there's less incentive for this?