Its a market, the IPO is always priced accurately in as far as buyers match sellers. Obviously the bankers wanting to conduct the IPO, want to give the IPOee a

Its a market, the IPO is always priced accurately in as far as buyers match sellers. Obviously the bankers wanting to conduct the IPO, want to give the IPOee a high valuation figure, but the scale is normally lower than this. Existing stock holders will obviously want a high valuation, and want to be given a high valuation by the bankers. In other words, rowing back on the price isnt that unusual, the scale here is vastly different though.