Rory O'Driscoll

I agree.

I agree.

But there's two separate things in that, Jason.

But there's two separate things in that, Jason.

You're right.

You're right.

I mean, one is the decision to pick a fixed price logically reduces the probability of a pop with no other information, because the whole point of the banker process is to pick the price the night before that allows the pop next day.

I mean, one is the decision to pick a fixed price logically reduces the probability of a pop with no other information, because the whole point of the banker process is to pick the price the night before that allows the pop next day.

And you simply aren't doing that because you don't have the information.

And you simply aren't doing that because you don't have the information.

You're right.

You're right.

But then the second thing you added is some information that's come out, which is to date, the book is two times covered.

But then the second thing you added is some information that's come out, which is to date, the book is two times covered.

And your comment is that feels low compared to normal IPOs.

And your comment is that feels low compared to normal IPOs.

Correct?

Correct?

Yeah, no, it's hard to get 10x oversubscribed on $75 billion.

Yeah, no, it's hard to get 10x oversubscribed on $75 billion.