Re: Wow, what a spectacular failure...
I agree with what you're saying but it's also bad PR if your share price drops immediately after IPO. A rising share price also creates a positive buzz around the company. The human brain tends to operate in the opposite way to stock markets. People's instincts are to buy into a company when the share price is going up and sell when it's going down, but buying high and selling low doesn't make much money.