🪒 Yesterday, Figma held an IPO at $33, but trading opened at $95, and the company lost out on $2.3 billion — this is not market hype, but a classic scheme: banks undervalue the placement price, sell cheaply to their own, create a shortage, and retail investors buy at an inflated price.
This practice is not new: DoorDash lost out on $3.4 billion, Airbnb — $3.5 billion. Since 2020, investment banks and funds have withdrawn over $100 billion, bypassing the true creators of value.
Why do companies agree? To get into indexes, receive analytical coverage, and gain "Wall Street respect" — they need to play by the banks' rules. They charge up to 7% in fees, conduct closed deals, and distribute shares "on call".
A similar scheme exists in crypto: VCs enter privately, exchanges charge listing fees, and market makers dump tokens at the moment of TGE.
