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Thanks for posting this.
Pretty amazing. I didn’t even consider the HFT dynamic on this IPO.
How were the underwriters able to keep the bid right at $38.0000? Did they just use a massive limit order, continuously replenishing it as fills were made?
Ultra, that is the job of the underwriter, to prop it up on IPO. Give it a couple of weeks, when the underwriters are out…it might be ugly.