IPO Intelligence • The IPO Process

What Happens on IPO Day?

From final pricing to first trade.

Cluster: The IPO Process • Type: Evergreen Guide • Pillar: IPO Intelligence

T-1 Evening

Pricing call, final prospectus 424(b) filed, shares allocated.

Morning Timeline

• 6am: Exchange listing notice
• 7-9am: Market maker prepares auction
• 9:30am: Market opens, IPO does NOT trade yet
• 10am-12:30pm: Indications: "5M buy, 2M sell, $38-$40 indicative"

Opening Trade

DMM crosses orders at one price. First trade prints. Bell rings. Example: Priced $23, opens $41 = 78% pop.

After Open

Continuous trading. High volatility normal. Underwriter may stabilize if below issue.

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