&quot;Academics have found that I.P.O. underpricing is ubiquitous. Jay Ritter has documented underpricing over the years. According to Professor Ritter, the average underpricing for I.P.O.’s in the United States was 14.8 percent from 1990 to 1998, 51.4 percent from 1999 to 2000 and 12.1percent from 2001 to 2009.&quot;<p>&quot;Over the last 50 years, I.P.O.’s in the United States have been underpriced by 16.8 percent on average. This translates to more than $125 billion that companies have left on the table in the last 20 years.&quot;<p>Normal over the last 50 years, maybe.<p><a href="http:&#x2F;&#x2F;dealbook.nytimes.com&#x2F;2011&#x2F;05&#x2F;27&#x2F;why-i-p-o-s-get-underpriced&#x2F;?_r=0" rel="nofollow">http:&#x2F;&#x2F;dealbook.nytimes.com&#x2F;2011&#x2F;05&#x2F;27&#x2F;why-i-p-o-s-get-under...</a>