{"slug":"what-is-gmp-in-an-ipo","qid":"pop_spread","label":"pop_spread","post_title":"what-is-gmp-in-an-ipo","post_url":"/blog/what-is-gmp-in-an-ipo#q-pop_spread","columns":["band","listing_count","share_pct"],"rows":[{"band":"opened more than 10% below offer","listing_count":72,"share_pct":5.9},{"band":"opened 0-10% below offer","listing_count":162,"share_pct":13.3},{"band":"opened 0-10% above offer","listing_count":378,"share_pct":31},{"band":"opened 10-30% above offer","listing_count":194,"share_pct":15.9},{"band":"opened 30-60% above offer","listing_count":139,"share_pct":11.4},{"band":"opened more than 60% above offer","listing_count":274,"share_pct":22.5}],"shape":"ranking","sql":"WITH issues AS\n(\n    SELECT\n        ticker,\n        min(listing_date)                 AS listing_dt,\n        max(toFloat64(final_issue_price)) AS offer_price\n    FROM global_markets.stocks_ipos\n    WHERE listing_date >= '2021-01-01'\n      AND listing_date <  '2026-07-01'\n      AND final_issue_price > 0\n      AND issuer_name NOT ILIKE '%acquisition%'\n      AND ticker NOT IN ('SPCX')\n    GROUP BY ticker\n),\ndebut AS\n(\n    SELECT\n        i.offer_price                     AS offer_price,\n        argMin(toFloat64(d.open), d.date) AS first_open\n    FROM issues AS i\n    INNER JOIN global_markets.stocks_daily_aggs AS d ON d.ticker = i.ticker\n    WHERE d.date >= i.listing_dt\n      AND d.date <  i.listing_dt + 7\n    GROUP BY i.ticker, i.offer_price\n)\nSELECT\n    band,\n    count()                                        AS listing_count,\n    round(100 * count() / sum(count()) OVER (), 1) AS share_pct\nFROM\n(\n    SELECT\n        round(100 * (first_open / offer_price - 1), 2) AS pop_pct,\n        multiIf(pop_pct < -10, 1, pop_pct < 0, 2, pop_pct < 10, 3, pop_pct < 30, 4, pop_pct < 60, 5, 6) AS band_rank,\n        multiIf(pop_pct < -10, 'opened more than 10% below offer',\n                pop_pct <   0, 'opened 0-10% below offer',\n                pop_pct <  10, 'opened 0-10% above offer',\n                pop_pct <  30, 'opened 10-30% above offer',\n                pop_pct <  60, 'opened 30-60% above offer',\n                               'opened more than 60% above offer') AS band\n    FROM debut\n    WHERE first_open > 0\n)\nGROUP BY band, band_rank\nORDER BY band_rank","computed_at":"2026-10-02T15:09:03.044121+00:00","elapsed":0.006739905}