It's very hard to innovate in IPOs, probably partially because these first day gains don't tend to bother issuers. Bankers would rather do things the traditional way (and make institutional buyers happy with big first day gains) and issuers tend to be relatively conservative about risking their only IPO on a less-proven method
Look at it this way: if you're the CEO, you're not going to get fired because of a 50% first-day gain. But if you botch things because you wanted to do a non-traditional IPO, you may be.
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It's very hard to innovate in IPOs, probably partially because these first day gains don't tend to bother issuers. Bankers would rather do things the traditional way (and make institutional buyers happy with big first day gains) and issuers tend to be relatively conservative about risking their only IPO on a less-proven method
Look at it this way: if you're the CEO, you're not going to get fired because of a 50% first-day gain. But if you botch things because you wanted to do a non-traditional IPO, you may be.