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This is a breath of fresh air in comparison to HN's typical ignorance on IPOs. I can see why it wouldn't be popular here.

A mix of the theoretical grounding of the activity with the on-the-ground realities of filling up a book and mechanics of how it happens. The IPO isn't perfect, and is in need of a software-defined overhaul, but does have clear value. We'll see if Carta's Xchange product can live up those goals.

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Please don't sneer at others in HN comments, including putting down the rest of the community. Believe me, I understand how annoying widespread ignorance can be, but the only thing that has a chance at helping is patient explanation. Adding more poison only makes things worse.

If you know more, the thing to do is to share some of what you know, so the rest of us can learn. You've done this in previous comments, which is great.

https://news.ycombinator.com/newsguidelines.html

This article is good as long as you realize that it is a very company-centric description, as you would expect from a VC.

Criticisms of IPOs on HN fall into two buckets, first whether the companies are giving up too much equity and second whether access to IPOs is fair and serves the public interest. This article mostly addresses the former, and really only briefly touches on the latter.

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