{"slug":"ipo-quiet-period-explained","qid":"ipo_clocks","label":"The three clocks, dated, for the largest US listings since January 2025","post_title":"IPO Quiet Period Rules and Timeline","post_url":"/blog/ipo-quiet-period-explained#q-ipo_clocks","columns":["issuer","ticker","first_trade","research_quiet_ends","prospectus_duty_ends","lockup_180_mark","offer_size_musd"],"rows":[{"issuer":"SK Hynix Inc","ticker":"SKHY","first_trade":"Jul 10, 2026","research_quiet_ends":"Jul 20, 2026","prospectus_duty_ends":"Aug 4, 2026","lockup_180_mark":"Jan 6, 2027","offer_size_musd":28133},{"issuer":"Medline Inc","ticker":"MDLN","first_trade":"Dec 17, 2025","research_quiet_ends":"Dec 27, 2025","prospectus_duty_ends":"Jan 11, 2026","lockup_180_mark":"Jun 15, 2026","offer_size_musd":7205},{"issuer":"Cerebras Systems Inc","ticker":"CBRS","first_trade":"May 14, 2026","research_quiet_ends":"May 24, 2026","prospectus_duty_ends":"Jun 8, 2026","lockup_180_mark":"Nov 10, 2026","offer_size_musd":5550},{"issuer":"Innio N.V.","ticker":"INIO","first_trade":"Jun 4, 2026","research_quiet_ends":"Jun 14, 2026","prospectus_duty_ends":"Jun 29, 2026","lockup_180_mark":"Dec 1, 2026","offer_size_musd":2430},{"issuer":"Madison Air Solutions Corp.","ticker":"MAIR","first_trade":"Apr 16, 2026","research_quiet_ends":"Apr 26, 2026","prospectus_duty_ends":"May 11, 2026","lockup_180_mark":"Oct 13, 2026","offer_size_musd":2233},{"issuer":"Fervo Energy Co.","ticker":"FRVO","first_trade":"May 13, 2026","research_quiet_ends":"May 23, 2026","prospectus_duty_ends":"Jun 7, 2026","lockup_180_mark":"Nov 9, 2026","offer_size_musd":1890},{"issuer":"Southern Company","ticker":"SOMN","first_trade":"Nov 12, 2025","research_quiet_ends":"Nov 22, 2025","prospectus_duty_ends":"Dec 7, 2025","lockup_180_mark":"May 11, 2026","offer_size_musd":1750},{"issuer":"Blackstone Digital Infrastructure Trust Inc.","ticker":"BXDC","first_trade":"May 14, 2026","research_quiet_ends":"May 24, 2026","prospectus_duty_ends":"Jun 8, 2026","lockup_180_mark":"Nov 10, 2026","offer_size_musd":1750},{"issuer":"Venture Global Inc.","ticker":"VG","first_trade":"Jan 24, 2025","research_quiet_ends":"Feb 3, 2025","prospectus_duty_ends":"Feb 18, 2025","lockup_180_mark":"Jul 23, 2025","offer_size_musd":1750},{"issuer":"Bending Spoons S.p.A.","ticker":"BSP","first_trade":"Jul 1, 2026","research_quiet_ends":"Jul 11, 2026","prospectus_duty_ends":"Jul 26, 2026","lockup_180_mark":"Dec 28, 2026","offer_size_musd":1681}],"shape":"table","sql":"SELECT\n    issuer,\n    ticker,\n    formatDateTime(listed_on, '%b %e, %Y')               AS first_trade,\n    formatDateTime(addDays(listed_on, 10), '%b %e, %Y')  AS research_quiet_ends,\n    formatDateTime(addDays(listed_on, 25), '%b %e, %Y')  AS prospectus_duty_ends,\n    formatDateTime(addDays(listed_on, 180), '%b %e, %Y') AS lockup_180_mark,\n    round(toFloat64(offer_size) / 1e6, 0)                AS offer_size_musd\nFROM\n(\n    SELECT\n        ticker,\n        any(issuer_name)      AS issuer,\n        max(listing_date)     AS listed_on,\n        max(total_offer_size) AS offer_size\n    FROM global_markets.stocks_ipos\n    WHERE listing_date >= '2025-01-01'\n      AND listing_date <  '2026-08-01'\n      AND final_issue_price > 0\n      AND total_offer_size > 0\n      AND issuer_name != ''\n      AND ticker NOT IN ('SPCX')\n    GROUP BY ticker\n)\nORDER BY offer_size DESC\nLIMIT 10","computed_at":"2026-08-19T16:17:15.572798+00:00","elapsed":0.002510154}