Rory O'Driscoll

To be really direct, what you're saying is you're pricing something on a fixed price that's not taking into account demand, where you're looking for a very large amount of money such that you only have a small amount of coverage.

To be really direct, what you're saying is you're pricing something on a fixed price that's not taking into account demand, where you're looking for a very large amount of money such that you only have a small amount of coverage.

You look at those circumstances and you say, there's a non-trivial chance that it pops to the downside.

You look at those circumstances and you say, there's a non-trivial chance that it pops to the downside.

Is it 30%?

Is it 30%?

I don't know.

I don't know.

But if you think about it, normally bankers bend over backwards to try and have the down thing pop, right?

But if you think about it, normally bankers bend over backwards to try and have the down thing pop, right?

So they're trying to get a 10, 15% pop.

So they're trying to get a 10, 15% pop.

and near 90% plus of the time it pops, but still 10% of the time it breaks IPO.

and near 90% plus of the time it pops, but still 10% of the time it breaks IPO.

They get it wrong.

They get it wrong.

Even trying to fix the game, they get it wrong.

Even trying to fix the game, they get it wrong.

In this case, they're not even trying to fix the game.

In this case, they're not even trying to fix the game.