Disclaimer: we don't really cover exchange topics in this channel. I don't trade myself and don't understand it, so this is not the start of a new column, but a look at the final round of startup financing.

Recently I heard a great phrase that IPOs, despite their popularity among exchange residents, are not for them. They are organized only for early-stage investors. And for a simple reason - the explosive growth of the company's value has already exhausted itself, and they want to realize assets, i.e., sell, and sell at a higher price than the real value of what they bought in the early rounds. That's why startups often don't record profits before an IPO, but continue to invest all the money in attracting new customers. This allows them to inflate the value, since real profit would show the real price of the company.

An interesting thought, I went to check and looked at the stock prices of startups immediately after the IPO. And 95% do not fly up, while 50% fly down, and the rest simply stay at roughly the same positions and recover only after a long time. Thus, I consider the hypothesis confirmed.