WHY THE HELL IS IT SO HARD TO PRICE AN IPO?

Summary from the TLDR Founders newsletter

IPO pricing looks random right now. Years without many listings created so much pent-up demand that almost anything gets swarmed, making it hard to read real investor interest. Layer on a bull market, where even shaky companies feel “safe enough,” and the signals get even messier. Banks still have to anchor pricing to peer multiples, not hype. Then algorithms jump on every small move and amplify it, which is why day one keeps catching people off guard.