Pretty similar to Palantir's public open, which started at $9, jumped to a high of $45 before the employee blackout ended, and then settled into a stable rut around $23 it's been in since February.
So the company could have generated over twice as much revenue from the listing had their financial advisers prices the shares at $20.
Why is that not considered gross incompetence?
Because Palantir went public through a direct listing to sell existing shares, not issue more.
What is an employee blackout?
When employees are not allowed to sell shares. I think in the case of Palantir though they allowed them to sell up to 20% of their shares.
It's a policy that prevents employees that have been awarded shares or options to immediately sell their shares once the company goes public to avoid it flooding the market and lowering the price.