> Are mega-caps likely to be dominant buyers from the underwriters? Underwriters will typically take the highest price there will be no preference for the "meg

> Are mega-caps likely to be dominant buyers from the underwriters? Underwriters will typically take the highest price there will be no preference for the "mega-caps". Underwriters float stocks every day, they need to keep happy their core investors who make every other deal happen - retail / pension funds. It would probably even be preferable, if there was demand from Amazon or some other mega-cap to give them 0 in the float and then they can bid up the price in the open market and make everyone who is allocated in the IPO richer. ~20% of the shares will be in the IPO, even if someone buys every share publicly available in the IPO they wont have a controlling interest.