Well, that 7.6% drop was after they dropped their target well below what had been expected earlier. So perhaps they semi-accurately gauged the market price for

Well, that 7.6% drop was after they dropped their target well below what had been expected earlier. So perhaps they semi-accurately gauged the market price for their stock, but that means lots of people had been way too optimistic about it previously. Also, the fact that the IPO did not provide a big profit for the initial buyers (not quickly, anyway), and you could get a better price by purchasing it on day two than by being in on the IPO, certainly has the potential to impact IPO's coming up.