Who said it was? In a traditional IPO, the investors take the management on a road show, where they sell it to the buy-siders. They settle on a price that will

Who said it was? In a traditional IPO, the investors take the management on a road show, where they sell it to the buy-siders. They settle on a price that will clear most of the shares and not leave too much money on the table. Buying an IPO has traditionally been a losing game. There have been brief periods where IPO shares go up enormously on the first day, and an ordinary investor can't even get any. They're like found money for the lucky few. So the people who bought at $14 thought it was the latter case, but it was the former. Caveat emptor