RJS, it's my experience that the company sets what it thinks it can generate from the IPO (based upon some criteria, consultants, underwriters etc), and then they do a dog and pony show to see if the demand is there at that price. They adjust up or down based on that reaction, setting the price a couple of days prior to the actual offering. I think the most successful IPOs are those where they set the price just slightly under where they establish demand, because then there is excess demand when trading starts. I don't believe the MMs have any say until after the stock starts trading.

So if Joe stated $300 million, I suspect he has some criteria that pegged it at that number. It will go up or down from there based on demand as the company/concept/shares are shopped. It will move more once the trading starts as the MMs take it over.

I thought that was a good number to start a guessing game re: the pps, if we had an estimation of shares. Yes, probably a fool's errand, but I've been a fool for a long time so I'm good at those errands.