Not familiar with all this, can someone ELI5 what are the "costs related to the initial public offering" ?
Why do you think investment bankers paddle IPOs so much? Like sure, they take underwriting risks, but they also set the IPO price, so they control the demand. In other words, imagine if you have 100 pieces of gold. I come to you and tell you: I guarantee to sell this gold for you. You don't know the price until (a day before) I sell it. You still have to pay for my services.
Also underwriting costs should be proportional to the IPO value.
Lawyers.
At least they seem to have had a lot of marketing folk that were laid off shortly after the IPO