From what I remember, IPO prices tend to aim about 15% below what the market value should be. It&#x27;s a big incentive to get the big players (institutional investors) to get in on the IPO and get the stock moving. Pretty sure Square might have offered a deeper discount to make the offering look successful.<p>Regardless of the actual prevalence of that strategy, I don&#x27;t think we&#x27;ll have a meaningful narrative about Square&#x27;s IPO until the market has it for at least a few days.