I don't see how this is better for employees, assuming there is a stable price X, whether you price IPO at X * 0.8 or X * 1.2, by the time 6 months is passed an

I don't see how this is better for employees, assuming there is a stable price X, whether you price IPO at X * 0.8 or X * 1.2, by the time 6 months is passed and employees are able to sell, it probably have already converged to X.