Shares of Agora, a China and U.S.-based “real-time engagement” API company, soared today after it went public.

The other day Agora priced 17.5 million shares at$20 apiece, up from its target variety of $16 to$ 18 per share. The firm raised$ 350 in its debut, or around 10 times its Q1 2020 income and is now amply capitalized and has runway for efficiently forever, given its modest cash consumption as a continuous concern.

But while the debut was a success, seeing Agora’s share rate increase as rapidly as it did was not universally popular. Regular critic of the traditional IPO procedure Bill Gurley– an investor, so someone with a stake in this specific gambit– weighed in: