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    <title>IPO Market in 9M CY25: Expensive Issues, Halved GMPs, and Softer Listing Gains</title>
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    <description>Mainboard IPO issuance and aggregate fundraising rose in 9M CY25 while marginally higher post-issue pricing coincided with materially weaker aftermarket performance: median post-issue P/E increased slightly, grey market premiums roughly halved, the gap between GMP-implied and actual listings widened, and average listing-day returns fell sharply with a near doubling of issues closing below the offer price.</description>
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