This is something you could empirically study. Looks like this NASDAQ study from a few years back has some numbers. At 3 months, that’s what’s in their chart, i

This is something you could empirically study. Looks like this NASDAQ study from a few years back has some numbers. At 3 months, that’s what’s in their chart, it’s still about 50/50. At 3 years it’s 29% with returns greater than 10% and 69% with returns greater than -10%. https://www.nasdaq.com/articles/what-happens-to-ipos-over-the-long-run-2021-04-15 https://www.nasdaq.com/articles/what-happens-to-ipos-over-th...