Do you have a source for this? It was my understanding that the investment bankers want the IPO to be priced as high as possible because that's how they make their commission. See the potential windfall for JP Morgan on the Saudi Aramco IPO
Investment banks often have to make guarantees about selling all of the shares, and the worst thing that can happen for them is to have a broken IPO (shares close below the open price). The investment bank that led Facebook's IPO had to buy back shares immediately to prevent that from happening.
Also, many of the initial shares are bought from the investment bank's book of contacts that they reached out to on their roadshow. If you lose money for your fund manager buddies, they won't invest in your next IPO.
It's troubling to think of the conflicts of interest that go into the pricing of an IPO. The company would like it to be as high as possble, holding the number of shares sold constant. Investment bankers would like to preserve their good relationship with the hoardes of potential IPO investors, and therefore would like the IPO price to be below the "true value" of the stock, to provide their clients with a nice short term return. Another interesting bit, is that most of the employees of the company going public actually care about the price of the stock six months from now when their lockup ends, so their incentives are not exactly aligned either.
In short, the whole "big price pop on day 1 == good" idea needs to go away.