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On April 13, 2017, Yext Inc. completed its IPO on the NYSE. Yext sold 10,500,000 shares of stock at an offer price of $11 per

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On April 13, 2017, Yext Inc. completed its IPO on the NYSE. Yext sold 10,500,000 shares of stock at an offer price of $11 per share. Yext's closing stock price on the first day of trading on the secondary market was $13.41. a. Some critics of the current IPO system claim that underwriters may knowingly under-price an issue. Evaluate the rationale for under-pricing IPOs and firms' willingness to issue lower IPO prices

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