I have taken companies public and ran public companies and other the the shareholders who are thrilled that they were able to sell their stock into the market at a substantial premium to the underlying value of their business based on the fundamentals, no one is happy. MS is sitting their with millions upon millions of shares of stock that they bought to avoid the price falling below the offering price and trying to figure out how they are going to dump these shares in the coming days and weeks. This was not by design and had nothing whatsoever to do with option expirations.
Was this a good IPO for the people wanting to sell their stock, absolutely. They got lots more than it was worth. Was this good for MS or those who are now stuck with $38 to $45 stock in a $15 to $20 business.....not so much.