This analysis compares premium levels for mature public companies (companies that have been public for more than five years) to IPO companies (companies that have been public for fewer than three years). Where there was previously a large difference in pricing, IPO companies closed the pricing gap with mature public company peers in the first quarter of 2024 due to steep premium relief. That gain remains steady today. While the number of IPOs getting out to market in the past few years is small compared to 2021’s record-breaking year, this shift has brought meaningful cost savings to recent IPO companies.