The fact that this is the most money losing company ever to IPO should raise some eyebrows.
Early investors need to recoup something, so thats going to come from retail investors and pension schemes. When the share price halves in 12-24 months time the early investors and founders will be so rich they wont care.
I still think it’s pretty crazy to price an IPO below the highest price that you can get for the full allotment. Facebook’s stock plunged in the months following its IPO, but it can raise capital at a much higher price now. The stock price shouldn’t matter in the short run.