Would it be fair to say that, until the IPO, every player in the system has an incentive to inflate the price? If you had unlimited money to invest, this wo

Would it be fair to say that, until the IPO, every player in the system has an incentive to inflate the price? If you had unlimited money to invest, this would be true. But every player invests out of a fixed size fund. The more money out of your fund you bid, the lower your return.