The Eventbrite IPO was underpriced by about 59 percent. Should Eventbrite be upset at Goldman Sachs and JP Morgan over the underpricing?

In September 2018, ticketing and events company Eventbrite went public. Assisted by investment banks Goldman Sachs, JP Morgan, and others, Eventbrite sold 10 million shares at $23 each, thereby raising a total of $230 million. By the end of the first day of trading, the stock jumped to $36.50 per share, down from a high of $39.30. Based on the end-of-day numbers, Eventbrite shares were apparently underpriced by about $13.50 each, meaning that the company missed out on an additional $135 million.