> I think it's a bit absurd that these prices aren't somehow determined by...say... a market rather than what a few guys at a bank "believe". All a market is i

> I think it's a bit absurd that these prices aren't somehow determined by...say... a market rather than what a few guys at a bank "believe". All a market is is what the participants believe. LinkedIn was not forced to do this through Morgan Stanley. I am sure they shopped offers at all the big investment banks. There is a market for underwriting IPOs, and there is a market for the actual public shares after the offering.