The phrase "leaving money on the table" refers to investors paying more for a stock in the secondary market than was paid by those investors who were able to buy shares at the initial (offer)price on the IPO date.

Question

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The phrase "leaving money on the table" refers to the situation where the initial offering price of a stock in an IPO is set too low, resulting in immediate gains for initial investors when the stock starts trading publicly, suggesting that the company could have raised more capital by setting a higher offering price.

The Phrase "Leaving Money on the Table" Refers to Investors