Like you, feels to me like an element of frothiness having now crept into proceedings ("hot" IPO's will do that, I find).
Looking specifically at SiteMinder, to this investing urchin it has hallmarks of a frothy market:
Paying 12.5x EV/ARR to buy a business off its founders and PE and venture fund seed financiers for a business whose earnings trajectory is unclear because the past two years' of financials where Covid-bashed.
I'm not sure how I make money participating in the IPO (apart from it going to 15x EV/ARR, 0r 18x or 20x).
Lot of guys infinitely smarter than I am are selling down aggressively, which makes me feel like the odds of my derriere being handed to me on a platter, are high:
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I'll pass on the SiteMinder IPO, I think.
Any stag profits I'll leave for others to harvest.
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(20min delay)