Gurley frames IPO underpricing as knowingly selling corporate assets at massive discount.
“for knowingly entering into a process where you're selling a corporate asset at a massive discount.”
Gurley challenges anyone to justify a 57% cost of capital for a legitimate public company.
“Find me any professor, any finance professor. We're a company that's got the possibility of going public, so it's highly legitimate. Should have a 57 cost of capital.”