Forty six years of IPOs left 250 billion dollars on the table at an average of 19 per cent

Mean equal weighted first day return from offer price to first close, selected years. The series covers operating company flotations priced at five dollars or more, excluding depositary receipts, unit offers, blank cheque companies, closed end funds, property trusts, natural resource partnerships, small best efforts offerings and banks. The source reports no t statistics, standard errors, p values or confidence intervals anywhere; it is a descriptive census.