Where offer prices land relative to the range issuers filed, how far prices are revised, and what that revision buys in first-day return — measured on the deals pricing now rather than on a historical sample. The US panel is rebuilt from SEC filings automatically: every 424B4 final prospectus is matched to the last preliminary prospectus, so the filed range, the offer price and the revision come from primary documents.
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The benchmark being tested is the matched-sample result: 94% of European IPOs price inside the filed range against 43% in the US. These tiles recompute that on the current window.
Share of priced deals whose offer price fell inside the range on the cover of the preliminary prospectus, by quarter. Dashed lines are the paper's benchmark for each region; vertical rules mark rule changes worth watching — in particular the FCA's April 2026 proposal to scrap the connected-research delay.
Composition by quarter: below, within or above the filed range.
Each point is one IPO: revision from the range midpoint to the offer price on the horizontal axis, first-day return on the vertical. The slope is the partial-adjustment coefficient — how much underpricing the issuer pays for each point of upward revision. Hanley's result says it should be positive and large.
Mean first-day return for deals priced below, within and above the filed range.
Median filed-range width (as a percentage of the midpoint) and median days from the first public registration statement to pricing. A widening range or a longer file is more uncertainty left unresolved when the book opens.
Every parsed deal, with a link to the prospectus the numbers were read from. Click a column heading to sort.