As an economist, I cringe at the typical IPO and related culture and expectations.
A huge runup in price on your IPO does *NOT* mean you've done well, or were a good choice.
It means that you *SCREWED UP*! You sold pieces of your company for less than people were willing to pay!
I would much prefer to see the new equity issued in a treasury style auction (price set at the highest price that sells them all, with everyone bidding that price or above receiving stock), a transparent direct sale into the market on an announced schedule, or one or more "dutch auctions", in which the price counts down from an initial high price until someone accepts (variants include anyone else being able to buy at the price before the clock resets).
And there's really no reason for investment bankers to be taking a fat seven or eight figure cut of the proceeds. The could either be done in house, or by firms that do it regularly. None are rocket science!
doc hawk