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Stats › Listings, IPOs and corporate actions › IPO underpricing

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

1996: 17.2%+17.2%19961998: 21.9%+21.9%19981999: 71.2%+71.2%19992000: 56.3%+56.3%20002003: 11.7%+11.7%20032013: 20.9%+20.9%20132019: 23.5%+23.5%20192020: 41.6%+41.6%20202021: 32.1%+32.1%20212023: 11.9%+11.9%20232025: 29.3%+29.3%2025

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.

Across 9,345 operating company flotations from 1980 to 2025, the mean first day return is 19.0 per cent and the cumulative money left on the table is 250.1 billion dollars against aggregate proceeds of 1,200 billion.

19.0%Mean first day return, 1980 to 2025
9,345Flotations in that count
250.1 bn dollarsMoney left on the table
1,200 bn dollarsAggregate proceeds

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