Post-IPO Performance

All three. Any Setter30 company that began trading on a public exchange is included, whether through a traditional IPO, direct listing, or SPAC merger. For SPACs, the merger closing date is treated as the public-listing date, and the market cap on or around that date is used as the listing valuation where available.

A lock-up period typically prevents insiders and early investors from selling shares for a period after an IPO, often 90 to 180 days. When it expires, the increase in freely tradable shares can put pressure on the stock price, although the impact varies by company and market conditions. Many newly public companies, particularly in the 2021 IPO class, saw meaningful sell-offs around or after lock-up expiry.

The IPO pop is the increase between the offering price and where the stock first trades publicly. It can happen when an IPO is priced below the level public-market buyers are willing to pay on the first day of trading. A large pop benefits investors who received shares at the IPO price, but it does not predict how the stock will perform afterward.

On a post-IPO basis, the majority of Setter30 graduates have underperformed the S&P 500 from their listing date, while a subset has outperformed. Performance varies sharply by vintage: companies that listed during the 2020-2021 boom have generally lagged, while some companies listing in calmer markets have fared better. Public-market values are shown for reference only and may be incomplete, stale, or erroneous. Past performance does not guarantee future performance.

IPO MOIC measures the multiple from a company's first Setter30 valuation mark to its IPO-day or listing valuation. It captures the change from the company's first Setter30 appearance to public listing, based on estimated valuation marks. Post-IPO performance measures what happened after listing, based on public-market value. A company can have a high IPO MOIC but weak post-IPO performance if the stock falls after going public.

Private-company valuations can differ materially from public-market valuations. A company may go public below its last private valuation if market conditions weaken, growth expectations change, investor demand falls, or the earlier private mark was not an executable public or secondary-market price. A private valuation is not a reliable predictor of IPO price, and valuations can move sharply in either direction.

Yes. Companies such as HashiCorp and Darktrace, which IPO'd and were later acquired, are included using their last available traded market cap or acquisition value, as applicable. Didi Chuxing is included up to its NYSE delisting in 2022. Including acquired and delisted companies helps avoid survivorship bias. Public-market values are shown for reference only and may be incomplete, stale, or erroneous.