A 50% first-day stock-price increase suggests the company might have priced its IPO higher, raised the same amount at a higher price, and incurred less dilution.

“Uh, you know, it's no different than a company raising a series A, B, or C. It's you're gonna raise money at a certain dilution. Um, and yeah, the Bill Gurley thing is, well, if the stock pops 50% on day one, why wouldn't you have just raised money-”

“... at a higher price?”

“Right, you can take on, take on less dilution.”