US IPO Window Reopens: Performance Scorecard of the Last 10 Major Listings
Eight of the ten latest Wall Street debuts trade above issue price with an average first-month gain of 34%, though investors demand clear profitability paths.
Claire Harper
Capital Markets Editor · Vizyon Capital
After two quiet years, the US initial public offering market is regaining momentum. Eight of the last ten major listings on the NYSE and Nasdaq are trading above their IPO prices, generating an average first-month return of 34%.
Selectivity defines the new cycle
Unlike the 2021 boom, institutional book-builders are rewarding free-cash-flow visibility over top-line growth at any cost. Enterprise AI infrastructure, defense technology, and specialty energy names drew order books oversubscribed by 6x to 10x.
Yet post-lockup dispersion remains sharp: four recent mid-cap issuers that missed their maiden quarterly guidance retreated below offer price within 90 days.
Vizyon Capital IPO checklist
1. Primary proceeds earmarked for growth rather than legacy debt payoff. 2. Insider selling capped under 25% of total offering size. 3. EV/EBITDA and EV/Sales multiples discounted 15–20% relative to listed peers. 4. Clear gross margin expansion trajectory across at least four quarters.
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