新东方首日收盘价较之其发行价飙升了39％，是今年4月以来纽交所首日表现最好的新股票。
New Oriental soared 39 percent after their initial public offering, the biggest first-day gain for a new stock since April.
不过，市场并未热情款待今年上市的所有股票，这可以看作是对新股崇拜者的一个警告：在36只已经上市的新股中，有14只已跌破了发行价。
Still, the market isn't hospitable to all IPOs this year, which serves as a warning to weaker wannabes: 14 of 36 completed offerings are trading at less than the offering price.
银行担心没有购买者会自愿购买他们的证券，这就会使得股票的发行价变高。
The Banks worry there are no natural buyers for such securities, making them expensive to issue.
将股票供应量压低的话，意味着只需要少量需求就能成功发行，发行额度较小，还能减轻所有股东对股权摊薄的忧虑，使他们不至于对发行价太敏感。
Less supply means less demand is required to pull off a successful offering. A smaller offering also will make all shareholders less sensitive to dilution and therefore pricing.
美林的股东得到了美国银行现在价值为96亿美元的股票，而这仅仅是发行价的五分之一。
Merrill Lynch's shareholders got shares in Bank of America (BofA) which are now worth just $9.6 billion, less than a fifth of the original offer value.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
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