So Solarcity is up 52% right now. When I turned on Bloomberg this morning they said that all the shares were sold last night. What gives? I there a special window for the rich to buy ahead of us plebs?
Not exactly the rich, but certainly the connected. IPO sponsors (investment banks) get the shares and distribute them at the IPO price as they want. It’s not unusual for IPO’s to be over-subscribed. More buyers than there are shares. You almost always have to know somebody to get over-subscribed IPO shares at the offer price. Everyone else gets them on the open market.
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