{"id":2525,"date":"2026-04-29T05:31:32","date_gmt":"2026-04-29T05:31:32","guid":{"rendered":"https:\/\/www.karongrilli.fi\/?p=2525"},"modified":"2026-04-29T05:31:33","modified_gmt":"2026-04-29T05:31:33","slug":"kannattaako-listautumisiin-osallistua","status":"publish","type":"post","link":"http:\/\/www.karongrilli.fi\/?p=2525","title":{"rendered":"Kannattaako listautumisiin osallistua?"},"content":{"rendered":"\n<p>Kun yhti\u00f6 tai sen vanhat osakkeenomistajat tarjoavat kerralla suuren m\u00e4\u00e4r\u00e4n osakkeita ostettavaksi, hinta joustaa alasp\u00e4in. T\u00e4m\u00e4 kysynn\u00e4n ja tarjonnan laista johdettu s\u00e4\u00e4nt\u00f6 tuntuu pit\u00e4v\u00e4n paikkansa p\u00f6rssilistautumisen yhteydess\u00e4 j\u00e4rjestett\u00e4viss\u00e4 osakeanneissa ja -myynneiss\u00e4.<\/p>\n\n\n\n<p>Floridan yliopiston professori emeritus <strong>Jay Ritter<\/strong> on tilastoinut kaikki yhdysvaltalaiset listautumiset 1980-luvun alusta nykyp\u00e4iv\u00e4\u00e4n. Pitk\u00e4lti yli 9000 listautumista sis\u00e4lt\u00e4v\u00e4n aineiston viesti on selv\u00e4: listautuvan yhti\u00f6n osakekurssi ensimm\u00e4isen kaupank\u00e4yntip\u00e4iv\u00e4n p\u00e4\u00e4tteeksi tapaa yleens\u00e4 olla selv\u00e4sti listautumisannin tai -myynnin hintaa korkeampi.<\/p>\n\n\n\n<p> Ritterin data osoittaa, ett\u00e4 ensimm\u00e4isen p\u00e4iv\u00e4n nousu on ollut keskim\u00e4\u00e4rin 19 prosenttia.<\/p>\n\n\n\n<p>Suomessa viimeaikaisten listautumisten ensimm\u00e4isen p\u00f6rssip\u00e4iv\u00e4n pikavoitot ovat olleet selv\u00e4sti pienempi\u00e4. Siihen voivat vaikuttaa esimerkiksi markkinan kuumuus tai kylmyys, listautumisten luonne ja tietenkin hinnoittelun kireys.<\/p>\n\n\n\n<p>IPO-guru Ritterin datassa on ensimm\u00e4isen p\u00e4iv\u00e4n nousun lis\u00e4ksi toinen varsin vakuuttava tilastollinen havainto: listautuneiden yhti\u00f6iden osakkeet kehittyv\u00e4t p\u00f6rssiss\u00e4 markkinaa ja verrokkejaan kehnommin.<\/p>\n\n\n\n<p>Ensimm\u00e4isen kaupank\u00e4yntip\u00e4iv\u00e4n p\u00e4\u00e4t\u00f6skurssista laskettuna seuraavien kolmen vuoden aikana IPO-yhti\u00f6iden osakkeet ovat tuottaneet per\u00e4ti yli 20 prosenttia markkinatuottoa huonommin. Ritter on laskenut tuotot my\u00f6s suhteessa tilastollisesti m\u00e4\u00e4riteltyyn vertailuryhm\u00e4\u00e4n. Omista vertailuryhmist\u00e4\u00e4n listautujat ovat j\u00e4\u00e4neet j\u00e4lkeen yhdeks\u00e4n prosenttia.<\/p>\n\n\n\n<p>Ensimm\u00e4isen\u00e4 p\u00f6rssip\u00e4iv\u00e4n\u00e4 kertoimet eiv\u00e4t siis ole sen puolella, ett\u00e4 uuden p\u00f6rssiyhti\u00f6n osaketta kannattaisi ostaa. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Kannattaako listautumisiin osallistua?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Ch3yAfD70F0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Kun yhti\u00f6 tai sen vanhat osakkeenomistajat tarjoavat kerralla suuren m\u00e4\u00e4r\u00e4n osakkeita ostettavaksi, hinta joustaa alasp\u00e4in. T\u00e4m\u00e4 kysynn\u00e4n ja tarjonnan laista johdettu s\u00e4\u00e4nt\u00f6 tuntuu pit\u00e4v\u00e4n paikkansa p\u00f6rssilistautumisen yhteydess\u00e4 j\u00e4rjestett\u00e4viss\u00e4 osakeanneissa ja -myynneiss\u00e4. Floridan yliopiston professori emeritus Jay Ritter on tilastoinut kaikki yhdysvaltalaiset listautumiset 1980-luvun alusta nykyp\u00e4iv\u00e4\u00e4n. Pitk\u00e4lti yli 9000 listautumista sis\u00e4lt\u00e4v\u00e4n aineiston viesti on selv\u00e4: listautuvan [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[36],"tags":[224,41],"class_list":["post-2525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grillit","tag-listautumiset","tag-monologi"],"uagb_featured_image_src":{"full":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still.jpg",1920,1080,false],"thumbnail":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-150x150.jpg",150,150,true],"medium":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-300x169.jpg",300,169,true],"medium_large":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-768x432.jpg",768,432,true],"large":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-1024x576.jpg",1024,576,true],"1536x1536":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-1536x864.jpg",1536,864,true],"2048x2048":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still.jpg",1920,1080,false],"mailpoet_newsletter_max":["http:\/\/www.karongrilli.fi\/wp-content\/uploads\/2026\/04\/260429-still-1320x743.jpg",1320,743,true]},"uagb_author_info":{"display_name":"Karo H\u00e4m\u00e4l\u00e4inen","author_link":"http:\/\/www.karongrilli.fi\/?author=2"},"uagb_comment_info":0,"uagb_excerpt":"Kun yhti\u00f6 tai sen vanhat osakkeenomistajat tarjoavat kerralla suuren m\u00e4\u00e4r\u00e4n osakkeita ostettavaksi, hinta joustaa alasp\u00e4in. T\u00e4m\u00e4 kysynn\u00e4n ja tarjonnan laista johdettu s\u00e4\u00e4nt\u00f6 tuntuu pit\u00e4v\u00e4n paikkansa p\u00f6rssilistautumisen yhteydess\u00e4 j\u00e4rjestett\u00e4viss\u00e4 osakeanneissa ja -myynneiss\u00e4. Floridan yliopiston professori emeritus Jay Ritter on tilastoinut kaikki yhdysvaltalaiset listautumiset 1980-luvun alusta nykyp\u00e4iv\u00e4\u00e4n. Pitk\u00e4lti yli 9000 listautumista sis\u00e4lt\u00e4v\u00e4n aineiston viesti on selv\u00e4: listautuvan&hellip;","_links":{"self":[{"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/posts\/2525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2525"}],"version-history":[{"count":2,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/posts\/2525\/revisions"}],"predecessor-version":[{"id":2528,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/posts\/2525\/revisions\/2528"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=\/wp\/v2\/media\/2526"}],"wp:attachment":[{"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2525"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.karongrilli.fi\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}