I read "as low as" as "Crazy high amount of". Is this the new scam? Announce an IPO with crazy high valuation knowing full-well it's not going to actually IPO

I read "as low as" as "Crazy high amount of". Is this the new scam? Announce an IPO with crazy high valuation knowing full-well it's not going to actually IPO that price, then when you adjust it lower (still way, way high valuation) people get a sense that it's a good purchase because it's so deeply discounted. They've literally reverted to department-store style sales tactics for IPOs; now I've seen it all.