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High as those numbers tower, the main prize is the second money-spinner from IPOs, the gain the institutions handpicked by the underwriters for big allocations garner on the “pop” when the the stock starts trading. Put simply, the underwriters have a strong incentive to award the shares to their biggest trading partners at bargain prices that exclude lots of potential investors who’d pay even more. The power to create an artificial shortage is tremendously enriching for the investment banks.
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