FYI: t was one of those made-for-TV moments when denim-clad traders on the floor of the New York Stock Exchange cheered and snapped photos of the opening of trading in the shares of Levi Strauss on Thursday morning. The stock played its part, immediately jumping to a premium over its offering price of $17 and winding up at $22.41, a 32% first-day pop.
In all, it was a fine performance in what’s billed as the nexus of American capitalism, where capital is raised to finance companies that power the U.S. economy. Yet the reality is a bit removed from this pleasant mythology, found in elementary finance textbooks and cheerfully promulgated by the exchanges.
Regards,
Ted
https://www.barrons.com/articles/the-trouble-with-the-new-ipos-51553297870?refsec=bonds
