Every year, companies go public and leave hundreds of millions — sometimes billions — of dollars on the table. Not because of bad strategy. Not because of weak fundamentals. But because of how their IPO was priced. The first-day price pop — that celebrated surge in share price when a newly listed company begins trading — is widely treated as a sign of a successful IPO. Champagne is opened. Headlines are written. But for the boards and promoters who actually own that company,

In recent years, Environmental, Social, and Governance (ESG) efforts have repositioned themselves in the hearts of corporations,...