If the true value of an IPO is for a company to raise money to invest, and it can be mutually beneficial to the company and the investors, then market price is a driver of intrinsic value.
Then value was transferred from one shareholder group to another and the IPOs still influenced intrinsic value per share?
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True, I don’t know though, so much to unpack moving private to public. NAV premium/discount, liquidity and access to cheaper (retail) capital. Definitely an impact on IV but also probably short-lived.
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Let me put it this way, your house is worth more on the market than off, but the value of living there is unchanged and maybe even lower
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Wouldn’t it be perceived value? So VC bubble here as of late to IPO Intrinsic value would be cf often these are negative so if you DCF it net intrinsic could be negative bc the further the CF that maybe positive less accretive to intrinsic.
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