A 50% first-day stock-price increase may be considered a failure from Bill Gurley's perspective because the company could have raised more by pricing the IPO higher.

“Successful is a mixed or loaded word this, these days because, um, typically you'll hear, hear things like, "IPO was so successful, the stock popped 50%-"”

“"... on the first day."”

“That's actually potentially a failure if you're, um, Bill Gurley.”

“Who is like, "Well, you could've got 50% more."”