The Minutes of Bill Gurley on underpricing https://minutesof.com/bill-gurley/on/underpricing/ Everything Bill Gurley has said on underpricing: 5 verbatim quotes between September 2019 and June 2025, each with a timestamp and a link to the recording… en Sun, 30 Aug 2026 16:21:58 +0000 Gurley cites IPO underpricing rising from $2B in 2016 to $30B last year, showing the problem is worsening. https://minutesof.com/q/83577fbc-53ee-4db3-9aff-92429d9038df/ https://minutesof.com/q/83577fbc-53ee-4db3-9aff-92429d9038df/ “under first day under pricing in 2,016, 2,000,000,000. 17, 4,000,000,000. 18, 7,000,000,000. 19, 9,000,000,000. Last year, 30,000,000,000. So the problem's getting ginormously worse.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 underpricing Gurley cites Kuaishou's $5B IPO with $9B underpricing as extreme example of the problem. https://minutesof.com/q/a08c4375-3236-4e34-8e0d-3f807d6610b0/ https://minutesof.com/q/a08c4375-3236-4e34-8e0d-3f807d6610b0/ “And then yesterday, on the Hong Kong exchange, Kuaishou, $5,000,000,000 deal, $9,000,000,000 underpricing on one deal.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 underpricing Gurley argues IPO allocations transferred $4.5 billion in wealth from Snowflake to allocation recipients overn https://minutesof.com/q/f7b23592-81ae-4b10-bbbe-498acc2d6dbd/ https://minutesof.com/q/f7b23592-81ae-4b10-bbbe-498acc2d6dbd/ “And so the day after the IPO, the people that were allocated the stock the night before have 4,500,000,000 in wealth they didn't have before. And that money didn't just come out of nowhere.” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 underpricing Gurley quantifies Silicon Valley IPO underpricing at $171 billion over thirty-nine years based on day-one pric https://minutesof.com/q/77a223ec-202e-4ba8-8868-1f88272385ef/ https://minutesof.com/q/77a223ec-202e-4ba8-8868-1f88272385ef/ “So the first slide is about underpricing, and this is solely looking at the difference between the price that the stocks handed out to the night before and the close the next day.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 underpricing Gurley states Silicon Valley lost $171 billion to IPO underpricing over 39 years, $6 billion year-to-date. https://minutesof.com/q/091f1a20-9e9a-4beb-a2e6-0ea7a9e96579/ https://minutesof.com/q/091f1a20-9e9a-4beb-a2e6-0ea7a9e96579/ “over thirty nine years, that's been a 171,000,000,000 for Silicon Valley companies, and it's been increasing lately. Just year to date, we're at 6,000,000,000 in underpricing.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 underpricing