{"slug":"how-pre-ipo-shares-trade","qid":"ipo_first_session","label":"ipo_first_session","post_title":"how-pre-ipo-shares-trade","post_url":"/blog/how-pre-ipo-shares-trade#q-ipo_first_session","columns":["ticker","issuer","listed_on","issue_price","first_open","first_close","open_vs_issue_pct","offer_size_billions"],"rows":[{"ticker":"SKHY","issuer":"SK Hynix Inc","listed_on":"2026-07-10","issue_price":158.14,"first_open":152.62,"first_close":152.35,"open_vs_issue_pct":-3.5,"offer_size_billions":28.13},{"ticker":"MDLN","issuer":"Medline Inc","listed_on":"2025-12-17","issue_price":29,"first_open":35,"first_close":41,"open_vs_issue_pct":20.7,"offer_size_billions":7.2},{"ticker":"CBRS","issuer":"Cerebras Systems Inc","listed_on":"2026-05-14","issue_price":185,"first_open":350,"first_close":311.07,"open_vs_issue_pct":89.2,"offer_size_billions":5.55},{"ticker":"INIO","issuer":"Innio N.V.","listed_on":"2026-06-04","issue_price":27,"first_open":31,"first_close":33.3,"open_vs_issue_pct":14.8,"offer_size_billions":2.43},{"ticker":"MAIR","issuer":"Madison Air Solutions Corp.","listed_on":"2026-04-16","issue_price":27,"first_open":32,"first_close":31.75,"open_vs_issue_pct":18.5,"offer_size_billions":2.23},{"ticker":"FRVO","issuer":"Fervo Energy Co.","listed_on":"2026-05-13","issue_price":27,"first_open":36,"first_close":36.54,"open_vs_issue_pct":33.3,"offer_size_billions":1.89},{"ticker":"BXDC","issuer":"Blackstone Digital Infrastructure Trust Inc.","listed_on":"2026-05-14","issue_price":20,"first_open":20,"first_close":19.81,"open_vs_issue_pct":0,"offer_size_billions":1.75},{"ticker":"SOMN","issuer":"Southern Company","listed_on":"2025-11-12","issue_price":50,"first_open":49.5,"first_close":50.12,"open_vs_issue_pct":-1,"offer_size_billions":1.75},{"ticker":"BSP","issuer":"Bending Spoons S.p.A.","listed_on":"2026-07-01","issue_price":29,"first_open":31,"first_close":40.5,"open_vs_issue_pct":6.9,"offer_size_billions":1.68},{"ticker":"QNT","issuer":"Quantinuum Inc.","listed_on":"2026-06-04","issue_price":60,"first_open":68,"first_close":60.38,"open_vs_issue_pct":13.3,"offer_size_billions":1.68},{"ticker":"FPS","issuer":"Forgent Power Solutions Inc.","listed_on":"2026-02-05","issue_price":27,"first_open":26,"first_close":29,"open_vs_issue_pct":-3.7,"offer_size_billions":1.51},{"ticker":"AIAI","issuer":"AIAI Holdings Corp","listed_on":"2026-05-11","issue_price":20,"first_open":12,"first_close":15.09,"open_vs_issue_pct":-40,"offer_size_billions":1.39}],"shape":"table","sql":"WITH ipos AS\n(\n    SELECT\n        ticker,\n        any(issuer_name)                      AS issuer,\n        max(toDate(listing_date))             AS listed_on,\n        max(toFloat64(final_issue_price))     AS issue_price,\n        max(toFloat64(total_offer_size))      AS offer_size\n    FROM global_markets.stocks_ipos\n    WHERE ipo_status IN ('history', 'new')\n      AND toDate(listing_date) >= today() - 365\n      AND toDate(listing_date) <= today() - 3\n      AND ticker NOT IN ('SPCX')\n      AND ifNull(issuer_name, '') NOT ILIKE '%acquisition%'\n    GROUP BY ticker\n    HAVING issue_price > 0 AND offer_size >= 100000000\n)\nSELECT\n    i.ticker                                              AS ticker,\n    i.issuer                                              AS issuer,\n    toString(i.listed_on)                                 AS listed_on,\n    round(i.issue_price, 2)                               AS issue_price,\n    round(d.first_open, 2)                                AS first_open,\n    round(d.first_close, 2)                               AS first_close,\n    round((d.first_open / i.issue_price - 1) * 100, 1)    AS open_vs_issue_pct,\n    round(i.offer_size / 1e9, 2)                          AS offer_size_billions\nFROM ipos AS i\nINNER JOIN\n(\n    SELECT\n        ticker,\n        min(toDate(date))                 AS first_session,\n        argMin(toFloat64(open), date)     AS first_open,\n        argMin(toFloat64(close), date)    AS first_close\n    FROM global_markets.stocks_daily_aggs\n    WHERE date >= today() - 400\n    GROUP BY ticker\n) AS d ON d.ticker = i.ticker\nWHERE d.first_session BETWEEN i.listed_on - 1 AND i.listed_on + 5\nORDER BY i.offer_size DESC\nLIMIT 12","computed_at":"2026-09-20T15:26:13.779662+00:00","elapsed":3.874526013}