What is the pricing mechanism of US stocks?

IPO pricing of US stocks is highly market-oriented. It is necessary to balance the financing needs of the company and the dilution ratio acceptable to existing shareholders, and of course, it is necessary to predict the overall financing income of the company, so the final pricing may exceed or fall below the issue price range. These ideas were also told to me by the teacher of Fu Ying University of Finance and Economics. I still appreciate what they said, which can improve my level.