What is the major reason that underwriters tend to offer shares in an IPO at a price that is belowthat which the market will pay?

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Underwriters tend to offer shares in an IPO at a price that is below that which the market will pay in order to reduce their exposure to losses from unsold shares. If the offering price is set too high, there is a risk that the underwriters may not be able to sell all the shares, leaving them with unsold inventory. This can result in losses for the underwriters. By setting the offering price below market value, the underwriters hope to generate enough demand among investors to sell all the shares, minimizing their exposure to unsold shares.

What Is the Major Reason That Underwriters Tend to Offer