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All this was true and well known prior to the IPO, so I'm not sure why should it affect the price now and not earlier?

It is my understanding that the stock price of IPOs is often inflated through different mechanisms - maybe another commenter who knows more than I do can explain what these are.

At any rate, if they really released at pricing levels determined by transparent and efficient markets we wouldn't see these pops, would we?

You could actually say IPO pops (and drops) are a temporarily more extreme price discovery process when a company transitions from relatively inefficiently traded private entity to a more efficiently traded public one.

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