28 Apr '11, 9am

ZipCar Golden IPO's Dark Lining: a $50 Million Blunder by Underwriters

ZipCar Golden IPO's Dark Lining: a $50 Million Blunder by Underwriters

Although IPO pricing is certainly not exact, setting an appropriate price is a huge part of the underwriters’ job. In addition, a slight discount on price is to be expected. Blodgdet explains: “it’s true that underwriters always try to modestly under-price deals, to the tune of a 10%-15% ‘IPO discount’…If there were no discount on IPOs, there would be little incentive for big investors to play ball before the offering: They’d just wait until the stock started trading and buy it then. This, in turn, would make it harder for companies to raise capital. So the modest discount, in which companies and underwriters reward investors with a good deal, makes sense.”

Full article: http://www.triplepundit.com/2011/04/zipcar-golden-ipos-da...

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