In the story that never quits I found a very interesting quote in a Bloomberg article about Facebook (NASDAQ:FB) CFO David Ebersman approach to pricing the IPO.
"Ebersman's aim was to maximize the company's IPO proceeds and to cap the first-day increase at 10 percent, said the people, who asked not to be identified because the talks were private."
I have no problem with Facebook trying to maximize the price they are selling share at because that really is the purpose of most IPO's, which is why I generally avoid them. I'm just amazed that they felt they could be so accurate in their assessment of demand that they would be able to predict the pop in the first day. I really don't even understand why they would really care. This day trading attitude baffles me and is a huge reason why so many market participants struggle. Below you'll find the whole article.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.