US IPOs - one-year performance by listing year (2009-2025)
Every IPO listed on a US stock exchange (Nasdaq, NYSE, NYSE American, Cboe) 2009-2025, US and foreign companies, plus de-SPACs. 2,552 listings. Medians unless marked 'average'. On a phone some columns are hidden - rotate or use a wider screen to see all. Not investment advice.
Larger IPOs: 1y from IPO price
+3%
Larger IPOs: 1y from first close
-11%
Small caps: 1y from first close
-26%
De-SPACs: 1y from first close
-68%
IPOs with market cap of $500M or more at listing (986)
Traditional IPOs, ADR IPOs (foreign companies) and direct listings.
| Year | Listings | First-day jump | 1y from IPO price | 1y from first close | Average from close | Stocks up after 1y | Beat IWM | IWM same year |
|---|---|---|---|---|---|---|---|---|
| 2009 | 8 | -2% | -11%* | +5% | +19% | 5 | 38% | +17% |
| 2010 | 26 | +2% | +27%* | +7% | +8% | 15 | 42% | +14% |
| 2011 | 25 | +5% | -2% | -12% | -13% | 8 | 36% | -1% |
| 2012 | 30 | +2% | +40% | +25% | +54% | 24 | 63% | +23% |
| 2013 | 56 | +12% | +32% | +17% | +16% | 37 | 57% | +8% |
| 2014 | 66 | +8% | +41% | +23% | +21% | 44 | 65% | +6% |
| 2015 | 49 | +22% | -5% | -16% | -13% | 14 | 35% | -8% |
| 2016 | 33 | +7% | +32% | +20% | +17% | 23 | 48% | +22% |
| 2017 | 60 | +9% | +6% | -3% | +5% | 26 | 33% | +12% |
| 2018 | 72 | +13% | +5% | -3% | +0% | 33 | 46% | -5% |
| 2019 | 78 | +24% | +37% | +7% | +26% | 42 | 56% | -7% |
| 2020 | 128 | +35% | +28% | -6% | +17% | 59 | 22% | +45% |
| 2021 | 215 | +18% | -44% | -55% | -49% | 14 | 15% | -18% |
| 2022 | 12 | +12% | +43% | +25% | +21% | 7 | 67% | -3% |
| 2023 | 24 | +14% | +16% | +24% | +23% | 16 | 46% | +17% |
| 2024 | 53 | +9% | +10% | -2% | +9% | 25 | 40% | +6% |
| 2025 | 51 | +24% | +1% | -18% | +34% | 21 | 25% | +25% |
| All 2009-2025 | 986 | +16% | +3% | -11% | +1% | 413 | 37% | |
| 2026, to Oct 09 | 65 | +9% | -7% | -16% | -15% | 18 | 29% | +0% |
Small-cap IPOs: market cap under $500M at listing, or unknown (1,248)
32% are foreign companies. Median 1-year return from the first close: US small caps -14%, foreign small caps -61%.
| Year | Listings | First-day jump | 1y from IPO price | 1y from first close | Average from close | Stocks up after 1y | Beat IWM | IWM same year |
|---|---|---|---|---|---|---|---|---|
| 2009 | 19 | +18% | +10%* | -9% | -1% | 8 | 16% | +24% |
| 2010 | 35 | -1% | -21%* | +4% | +28% | 21 | 46% | +14% |
| 2011 | 28 | -1% | -1% | -2% | -5% | 14 | 46% | -3% |
| 2012 | 52 | +2% | +13% | +7% | +29% | 33 | 40% | +20% |
| 2013 | 73 | +10% | +8% | -5% | +7% | 30 | 36% | +8% |
| 2014 | 102 | +5% | +16% | +4% | +23% | 55 | 48% | +8% |
| 2015 | 63 | +5% | -12% | -25% | -14% | 18 | 35% | -8% |
| 2016 | 52 | +5% | +39% | +15% | +36% | 33 | 48% | +21% |
| 2017 | 70 | +9% | +43% | +30% | +43% | 42 | 56% | +14% |
| 2018 | 85 | +3% | -18% | -22% | -14% | 24 | 34% | -5% |
| 2019 | 68 | +1% | -20% | -22% | +25% | 26 | 40% | -5% |
| 2020 | 64 | +4% | -7% | -24% | -4% | 25 | 22% | +43% |
| 2021 | 159 | +7% | -57% | -63% | -45% | 17 | 25% | -19% |
| 2022 | 55 | +3% | -70% | -79% | -54% | 6 | 13% | -4% |
| 2023 | 81 | -4% | -76% | -75% | -43% | 11 | 10% | +17% |
| 2024 | 122 | +0% | -71% | -70% | -16% | 22 | 16% | +8% |
| 2025 | 120 | +1% | -69% | -72% | -26% | 32 | 17% | +24% |
| All 2009-2025 | 1,248 | +2% | -21% | -26% | -7% | 417 | 30% | |
| 2026, to Oct 09 | 27 | +2% | -32% | -59% | -55% | 3 | 11% | +1% |
De-SPACs (318)
Companies that listed by merging with a SPAC. "IPO price" = the $10 SPAC unit price; listing day = the day the merger closed.
| Year | Listings | First-day jump | 1y from IPO price | 1y from first close | Average from close | Stocks up after 1y | Beat IWM | IWM same year |
|---|---|---|---|---|---|---|---|---|
| 2009 | 1 | +0% | -12% | -12% | -12% | 0 | 0% | +11% |
| 2016 | 2 | -26% | -38% | -19% | -19% | 1 | 50% | +14% |
| 2017 | 2 | +4% | -53% | -55% | -55% | 0 | 0% | +5% |
| 2018 | 9 | +2% | +4% | -17% | -14% | 4 | 44% | -1% |
| 2019 | 12 | +2% | -1% | -6% | +40% | 5 | 50% | +3% |
| 2020 | 35 | +17% | -13% | -31% | -6% | 11 | 20% | +34% |
| 2021 | 150 | +5% | -69% | -72% | -65% | 4 | 6% | -19% |
| 2022 | 53 | -15% | -85% | -83% | -64% | 4 | 6% | -3% |
| 2023 | 29 | -40% | -87% | -72% | -60% | 4 | 7% | +11% |
| 2024 | 18 | -31% | -86% | -80% | -69% | 1 | 6% | +6% |
| 2025 | 7 | -20% | -71% | -47% | -43% | 1 | 0% | +17% |
| All 2009-2025 | 318 | +0% | -68% | -68% | -52% | 35 | 10% | |
| 2026, to Oct 09 | 5 | +25% | -49% | -63% | -63% | 0 | 0% | -2% |
How to read the columns
| Column | Meaning |
|---|---|
| Year | Calendar year the company listed. |
| Listings | IPOs that year with price data and a full year of history after listing. |
| First-day jump | Median change from the IPO (offer) price to the close of the first trading day - how hot demand was on day one. |
| 1y from IPO price | Median return one year later measured from the offer price - what investors who got shares in the IPO earned. * = offer prices known for fewer than half of that year's IPOs (2009-2010). |
| 1y from first close | Median return one year later measured from the first day's closing price - what you earned buying at the end of day one. |
| Average from close | Average (mean) of the same returns. Much higher than the median = a few big winners carry the group. |
| Stocks up after 1y | Number of that year's IPOs that were higher one year later than at their first close (compare with Listings). |
| 2026 row (italic) | Listings from 2026 measured from listing to October 09, 2026 - returns to date, not one year. The 2025 row includes only companies with a full year of history (listed up to about the same date in 2025). |
| Beat IWM | Share of IPOs that did better than the small-cap index fund IWM over the exact same year. |
| IWM same year | IWM's typical return over those same one-year periods. |
One year = 252 trading days after the listing day. Companies that stopped trading within the year (acquired, delisted, bankrupt) count at their last price, so failures are included. Prices: Massive (split-adjusted; unadjusted first-day prices for the comparison with the offer price), without dividends. IPO list: Massive IPO calendar (OTC listings, SPAC IPOs and closed-end funds excluded). Not investment advice.
No redactions applied.
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