Closed IPO List and Listing Performance

What this batch shows

Of the 92 listed issues on this page with a recorded listing price, 91 listed above their issue price and 0 listed below it. The average listing move was 21.9%.

An average is not a forecast. It is dominated by whichever issues were most aggressively bid, and it hides the spread — in most periods a handful of issues produce nearly all the gains while the median issue does very little. Read the distribution, not the mean.

How to read listing performance

A listing gain is the gap between the issue price and the price the share first trades at. A large positive gap usually means the issue was priced below what the market would bear — good for anyone who received an allotment, and a sign the company left money on the table. A listing below the issue price generally means the opposite: the book was filled at a price the wider market did not accept.

Two cautions matter here. First, listing gains are only realisable if you received an allotment, and in a heavily oversubscribed retail book most applicants do not. A 60% listing gain on an issue where the retail portion was subscribed 40 times is a gain most applicants never had access to.

Second, listing day is not the outcome that matters for a long-term holder. Plenty of issues that listed at a strong premium traded below their issue price within a year, and some that listed flat compounded well afterwards. If you are buying to hold, the listing pop is noise; the business is the signal.