Inside Wall Street and Silicon Valley's effort to reinvent the IPO process with Airbnb and DoorDash, and why they still ended up leaving billions of dollars on the table

Main Idea: Airbnb and DoorDash tried a newer IPO process meant to set a fairer price, but their shares still jumped sharply on the first day, showing the system still leaves money on the table.

Key Points:

• The article explains how hot IPOs can rise far above their offer price, which can mean companies sell shares too cheaply.
• Unity Software helped pioneer a hybrid auction-style IPO process meant to better measure demand and reduce big first-day pops.
• Airbnb and DoorDash used similar tools, but they still priced their shares below where the market quickly valued them.
• The deals were affected by low initial price ranges, strong demand, limited share supply, and heavy retail buying.