Another problem would be: should the underwriters, led by Goldman Sachs and Morgan Stanley, be responsible for this? If they had seen a sharp divide between private equity investors ($15) and public traders ($10) during book-building, they should have advised the founders to lower the subscription price to below $10 even though the PE people have put in enough subscription at $15 to complete IPO.
To successfully raise a 1st-time fund as an independent VC, like us, it takes superior strategy for building deal flows, carefully hammering out tactics to approach potential LPs, sophisticated orchestrating of timelines, proper and to-the-point PR campaigns that will cost you money up-front, and fundamentally just lots of lots salesmen's skills.
After lots of hard work by the team, we're happy to announce 1st closing of 25M€ for our Fund I.
However, in the case of banking, startups are NOT doing better than traditional banks.