Lemkin: 10x IPO oversubscription is not enough for a strong stock pop
Jason Lemkin · Elon’s Empire: SpaceX, Tesla, Neuralink After the Storm & Anduril’s $2.6BN Power Move · 20VC with Harry Stebbings · Jun 12, 2025 · at 7:22
Jason Lemkin, SaaS investor and founder of SaaStr, discusses IPO order book mechanics and oversubscription levels with Rory O'Driscoll and Harry Stebbings on 20VC.
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“In my limited experience, like 10 X actually isn't enough because those are soft commitments and people put in over allocations to make sure they can get it, and you really want to be like, 30 X oversubscribed to pop hard, which I don't know if that's your, what you've seen on your public companies, but that's tough to get right at the start of an IPO market, like how much that X needs to be, 10 X, 20 X, 30 X. You certainly don't want it to flop, right?”
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