What I mean is that investors don't want to pony up the cash at current market prices. They want a discount. Then they will pony up the cash

Just like creditors demand higher rates on investment grade bonds, investors are demanding a higher risk premium if they're going to be expected to keep piling in cash to this particular sector that's diluting and raising.

> investors don't want to pony up the cash at current market prices

I don't think anyone can say this until the IPO goes out. Right now, all we're seeing is discount rates being adjusted market wide in anticipation of a rate hike.