2025年A股IPO市场4月报：首发估值创新低，询价热度年内新高-20250506

Group 1: IPO Market Overview - In April 2025, A-shares issued 7 new stocks, a 50% decrease month-on-month, raising a total of 6.5 billion yuan, down 18.4% from the previous month[10] - The average first-day price-to-earnings (PE) ratio for new stocks was 15 times, the lowest since 2024, with a 42% discount compared to comparable companies[22] - As of the end of April 2025, there were 202 IPO projects pending approval, with a total intended fundraising of 222.3 billion yuan[66] Group 2: Investor Participation and Performance - The average fundraising rate for five newly issued stocks was 86%, a slight increase of 1 percentage point month-on-month[14] - The first-day closing price of new stocks in April rose by an average of 216%, maintaining a "zero break" status[41] - For 2 billion yuan products, the absolute return for preferred allocation investors was 1.961 million yuan, with a yield of 0.98%[50] Group 3: Market Trends and Risks - The number of IPO projects approved increased, with 9 projects passing in April, indicating a growing market activity[61] - The proportion of A/B class allocation for the ChiNext board was 0.024%/0.023%, showing a slight decrease[28] - Risks include potential changes in the IPO review pace, adjustments in issuance systems, and fluctuations in investor participation[68]