Here is what I wrote many years ago.
"IPO’s are not part of our methodology for several reasons. Most of their problems stem from the deliberate underpricing of new shares, which creates a huge wealth transfer from a newly public company to the customers of an investment banking firm. Shareholders are better off in the long run with a higher net worth than with an artificially and temporarily high stock price. IPO’s are allocated to clients who pay the big commissions. Those responsible for the well-being of a company are the directors. If they were held liable for the eradication of corporate assets, the mispricings would end. At Chippewa Partners we don’t play the IPO game by paying commissions for syndicate allocations, period. Our only focus is making money for our clients."
Dean T. Parisian, Chairman, in a letter to Barrons and The Wall Street Journal