I don’t think the author fully understands IPO pops. For one thing, the beneficiary isn’t necessarily the company, but rather the groups (often large institutio

I don’t think the author fully understands IPO pops. For one thing, the beneficiary isn’t necessarily the company, but rather the groups (often large institutions) that bought the initial shares. In a lot of ways, an IPO pop represents the company leaving money on the table. Additionally, they aren’t caused by some magic market mechanism that increases a companies price by x% when it goes public - they’re caused by the underwriters under-valuing the company (either deliberately or accidentally).