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I think OP is alluding to the fact there was a big pop on IPO day (which indicates that the IPO was mispriced). Though that is not a "fee", but money left on the table for the company.


And the pop in Airbnb's case was pretty enormous. They priced at $68 and closed on the first day at $144.71


I continue to be flabbergasted any time these companies don't run an auction. Ideally N auctions, spread out through the day.


Google did. The banks liked to release articles saying it was a disaster but they were pricing it lower than that so overall Google came out ahead.




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