Yeah IPOs are a meticulous theatrical performance

There is dilution in a “final” equity round, and then the banks are immediately flipping them to people that believe they are helping the company but are just getting dumped on by the banks, as all help was done by the banks

I theoretically like direct listings more, but I don’t like retails tolerance of getting screwed in a different way because the valuations are unsupportable

I just like exposure and liquidity, so float the shares one way or the other! People should be pragmatic about what they are participating in