This paper examines information cascades in Taiwanese IPOs. We find that public information is the primary driver of a positive cascade. The evidence suggests that investors condition their demand for shares on public information, and issuers might also condition their going-public decisions on market conditions. Although private information affects IPO underpricing, the effect of public information on underpricing is even stronger, indicating that asymmetric information is not the primary driver of IPO underpricing. Rather, underpricing is attributable more to public than to private signals. Finally, we show that herding is more likely to occur in fixed-price offerings than in IPO auctions.