That's a great question. My sense is they would let it run a bit when the roadshow starts. When they open the IPO for subscribers, having the stock be already more expensive on market, and heading gradually north, would be the right signal to potential subscribers. At purchase time they would know they are already in the money.
I wonder whether these roadshow events will be virtual: I'd love to attend at least one, to gage the vibe.
IHL Price at posting:
35.5¢ Sentiment: Buy Disclosure: Held