The article looks at different types of companies going public in Germany's Neuer Markt from 1997 to 2002. It compares non venture-backed, venture-backed, and bridge financed companies to see if they differ in certain aspects. The study focuses on how venture capitalists and underwriters affect the initial public offering (IPO) process. Surprisingly, companies backed by venture capitalists tend to be more underpriced at IPO compared to those without venture backing. This goes against the expectation that having a prestigious venture capitalist or top bank underwriter would lead to less underpricing.