Yes. You are imputing intent from action, which is often wrong. Another interpretation: they don’t care for the terms underwriters are offering, and think a be

Yes. You are imputing intent from action, which is often wrong. Another interpretation: they don’t care for the terms underwriters are offering, and think a better price can be set offering shares directly to investors. And that a good price serves everyone well. Google had a rough go of it, IIRC, and there is some risk that institutional investors will sit the round out without their banking partners running the show.