Not in anyway an authority on this, but I don't think so. They have to price the stock based on fundamentals and make a best guess. Would a different bank have priced it higher? Maybe marginally, but probably not double or more.
Maybe someone with a better understanding can say something here but it seems like the way we do IPOs is not great. I'm not sure how to do it better, but I'm sure that there is a better way to do it. I guess this should be the next yCombinator startup. Disrupting the IPO landscape :P.