Financial coursework, not anything I can cite but this should work: <a href="http:&#x2F;&#x2F;www.crab.rutgers.edu&#x2F;~yaari&#x2F;Articles-PDF&#x2F;IPO-Hauser-Yaari-JLEweb.pdf" rel="nofollow">http:&#x2F;&#x2F;www.crab.rutgers.edu&#x2F;~yaari&#x2F;Articles-PDF&#x2F;IPO-Hauser-Y...</a>. Estimates that this IPO discount is around 18.4% in the US.<p>&quot;The price discount varies over time and across initial public offering
(IPO) mechanisms but remains economically significant everywhere. Span-
ning  4  decades  and  38  countries,  Ritter’s  (2003)  survey  of  international
studies  reports  a  mean  first-day  return  (commonly  equated  with  the  offer
price discount, or underpricing) ranging from 5.4 percent (Denmark) to 257
percent (China), with a median return of 20.7 percent...[the] U.S. mean return [was] 18.4 percent [from] 1960–2001&quot;