What it means
Learn how an initial public offering brings a company to public markets and what investors should understand about newly listed stocks.
How to use it
Use this concept as one layer of context alongside price action, liquidity, company catalysts, and the broader market. No single metric should carry an entire thesis.
What it cannot tell you
Market data cannot remove uncertainty or reveal every participant intent. The goal is to understand the information and its limitations before making your own decisions.