Here we go again.
Traditionally, IPOs are a great deal for Wall Street and its prized clients, not so much for the companies the investment banks take public. Those fabled outfits advertise that if they price the shares for the underwriting low enough, so that the hedge and mutual funds and other financial institutions that subscribe get a big “pop” the first day of trading, the grateful buyers will repay the favor by staying loyal and holding for the long term, providing a steadfast ownership base going forward.
