Not if they don’t need the cash. The underwriters price shares based on analysis, but the market prices shares by supply and demand. If you undersell the demand

Not if they don’t need the cash. The underwriters price shares based on analysis, but the market prices shares by supply and demand. If you undersell the demand, you get a price rise, which becomes the new ‘market’ valuation. Worst case, they traded $3.5B cash for $50B in equity.