Contrarian take but I dont think American IPOs are structurally that underpriced. Book-building is a competitive process and clients can choose any number of investment banks. The risk transfer of a huge amount of shares for cash is a risk-aversion and diversification moment for early shareholders. There would need to be a risk transfer discount for any trade to occur anyway. For many concept stocks, a good looking chart is the best marketing. Many of these stocks if they had gone down from day 1, would then subject issuers to litigation. Companies with strong cash flows and secretive moats often don’t bother going public. When companies do so, they are signalling they believe they are worth more if a community of people own their shares. This requires good vibes, and wealth effect. IPOs and ICOs have a lot in common in that respect. There are many coins and many companies that made it solely due to good vibes and good price chart, and later backdoored into true pmf.(Zhu Su)