How IPOs have actually done
Of the 1,017 listed issues we can price today, 49.8% trade below their issue price, and the median return since listing is 0.0%. Below, the same two numbers for every listing year, split by board.
| Listed in | Board | Issues we can price | Median return since issue | Now below issue price |
|---|---|---|---|---|
| 2026 | Mainboard | 20 | +41.2% | 25% |
| SME | 54 | +3.7% | 48.1% | |
| 2025 | Mainboard | 103 | +9.4% | 46.6% |
| SME | 265 | −10.6% | 56.6% | |
| 2024 | Mainboard | 92 | +3.3% | 47.8% |
| SME | 235 | −15.0% | 55.7% | |
| Unclassified | 4 | −0.8% | 50% | |
| 2023 | Mainboard | 57 | +38.2% | 38.6% |
| SME | 98 | +11.7% | 48% | |
| 2022 | Mainboard | 35 | +38.8% | 34.3% |
| 2021 | Mainboard | 50 | +44.5% | 38% |
Returns are measured from the issue price to the latest close we hold, so an older cohort has had longer to move. Cohorts with fewer than three priced issues are omitted rather than shown as a median resting on one or two rows. A cohort is “priced” only where the issue is matched to a company in our price history, which is why the counts are smaller than the number of issues that listed.
Why we publish this instead of a call
Every other IPO site ends with “Apply” or “Avoid”. We don’t, and this table is what we publish in its place: what actually happened to the issues most like the one you are looking at. These are base rates, not forecasts — an individual issue can land anywhere in the distribution. Each issue page carries the row for its own cohort.