There is no book-building and no ipo-allocation. A financial adviser works with the designated market maker to set a reference price, then the opening auction discovers the real price from the actual buy and sell interest. Because no shares are sold at a fixed price, there is no ipo-pop transferring value away from sellers.
The trade-off is that the company raises nothing in the traditional structure, and with no lock-up-period the entire holder base can sell from day one. That makes early volume high and the first print genuinely uncertain.
Example: a reference price of $100 is published. The opening auction matches 32M shares at $139. Had the same shares been sold in an IPO at $100, the sellers would have handed $1.25B to allocated investors.
Related: ipo, ipo-pop, opening-auction, lock-up-period, ipo-allocation