IPO Data

Jay Ritter

Research

3 Pages

University of Florida’s Jay Ritter maintains a deep IPO data hub covering U.S. issuance, underpricing, SPACs, direct listings, long run returns, underwriter spreads and international first day returns. The latest statistics show 90 traditional operating company IPOs in 2025, averaging a 29.3% first day return and leaving $13.11bn on the table.

Key Takeaways

Definition Matters: Ritter counts 90 operating company IPOs in 2025, far below 352 broader offerings once penny stocks, SPACs and other categories are included.
Underpricing Stayed High: Average first day returns reached 29.3% in 2025, above 15.3% in 2024 and the 1980 to 2025 average of 19.0%.
Money Left Rose: Aggregate money left on the table reached $13.11bn in 2025, versus $3.72bn in 2024 and $1.92bn in 2023.
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