The company's stock is currently on the market, so it isn't an IPO. That stock has a price established by the market, so additional stock sold by the company will be offered by the underwriter no higher than that price. When the underwriter acquires the stock to market it, they will pay less than market so they can make a profit. They'll set their purchase price at a level that the dilutive action on the price (ie - negative impact) will still not fall below that purchase price. They want to sell it all and profit from it. It's what they do.
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