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Supply and demand. They threw out a test number, the market showed a much higher demand. So they increased the supply and price.
Based on the price closing fairly flat on IPO day, I'd say they nailed the IPO pricing strategy.
If it were to shoot way up, it would have been way undervalued and the entitities selling their shares would not have received max value for selling their shares in the IPO.
The price is primarily a function of what the market is willing to buy it at.
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