Hats off to you for having a look around and asking the question and not bleating on like there’s a problem with the app.
Phil’s spot on, it’s preferential. When a company goes public it gives preferential treatment to institutions and private equity backers, who supported the company when they were private. The problem is that when you have these big firms buying shares in the millions, the price gets impacted immediately, so that come time for retail investors to get in, the damage is done.
Take a look at this reply to post yesterday: Add Snowflake (SNOW) IPO
I suggest you do the same thing. IPOs rarely ride up and stay up. You have lock-up periods to think about too, where for a set period after IPO large investors aren’t allowed to sell. Once that period is over you could easily see a large fall.
LMND was the last HUUUUGE IPo that got everyone here in a sweat - go check out those chat threads and look at that chart. I know you can’t really compare companies, but you can compare sentiment.