With the benefit of hindsight, perhaps Vocera and its underwriters did underprice its IPO, but there’s no way to predict how a company will trade once it’s public. Recall that the underwriters (led by JP Morgan and Piper Jaffrey in this case) had to take their best guess on how much investors would pay for Vocera stock at the time of pricing. The initial filing range is an even broader guess (albeit an informed one, based on how comparable companies are trading).
