The 2025 mainboard
cohort, day one to
December.
The listing pop was real. It just had a short shelf life.
| Listed above their issue price | 65% |
| Median listing day gain . down from 15.2% in 2024 | 3.8% |
| Still above their listing price by December | 41% |
| Below their listing price by December | 59% |
The grey market reads day one almost cleanly. Its move tracks the listing pop tightly and tracks where the stock sits twelve months later barely at all. It prices the demand for an allotment, not the business behind it.