A complete disaster for an IPO is when the underwriters pull out. Mesa’s management got greedy and overpriced the shares. They thought they could hide that some of United’s CPA’s were about to expire. And, other negative things about the company.

It will be interesting when Mesa has to file the quarterly report of who owns more than 5%.

But, I agree that it looks bad when an IPO sells for less than the bottom asking price. The underwriters probably looked at SKW and figured they could value Mesa in that ballpark.