That makes sense, I hadn't considered the competition between banks. Do you mean issuing more as in diluting the number of shares or by early stakeholders sell

That makes sense, I hadn't considered the competition between banks. Do you mean issuing more as in diluting the number of shares or by early stakeholders selling off their shares? The reason I ask is because on the public markets diluting shares usually pushes the shares price down, because it means they are in need of capital no? So that implies you mean early stakeholders selling their stakes? Pricing an IPO (or any asset for that matter) is a fascinating topic, at least to a layman like me. It sounds like this should be a perfect fit for some sort of auction, yet that doesn't really seem to be a common strategy. I guess a direct listing is more of an auction type of pricing mechanism.