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US IPOs pop 18.9% on day one, then trail the market 20.5%

Day 1: 18.9%+18.9%Day 13yr raw: 19.1%+19.1%3yr raw3yr vs market: -20.5%-20.5%3yr vsmarket3yr vs matched: -8.9%-8.9%3yr vsmatched

Raw three year return is positive. Adjusted for the market it is deeply negative, because the market itself rose. Source: Jay R. Ritter, University of Florida, 9,253 IPOs 1980 to 2024.

A US initial public offering prices below what buyers will pay, so the shares jump on the first day. Across 9,253 offerings from 1980 to 2024 that jump averaged 18.9%. Over the next three years the same shares trailed the market by 20.5%.

9,253IPOs in the dataset
+18.9%Average first day return
-20.5%Three years vs the market
24%Tech IPOs profitable, 2025

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