There are two clear lessons to be learnt from recent US Initial Public Offerings (IPOs). The first is that investment bankers don't excel at IPO price setting, the other is that "unicorn" companies continue to attract huge media and investor interest.

Unicorns are privately held start-up companies worth more than US$1 billion.

The Uber Technologies IPO, which was the biggest by a wide margin, has been all about CEO incentives and mismanaged expectations.


Morgan Stanley, bankers to the issue, indicated late last year that the ride-hiring company could be worth around US$120b.

This figure is consistent with Uber CEO